Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 3 Yeart. Hadia firm paid 13.30 million Ubyan dinar (LYD) for rock of the outstanding common shares of Marina fem of Libya. On

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On December 3 Yeart. Hadia firm paid 13.30 million Ubyan dinar (LYD) for rock of the outstanding common shares of Marina fem of Libya. On this date, the fale values of Marina's identifiable assets and abilities were equal to their carrying amounts Marinas compar tive balance sheets and Year 2 income statement are as follows BALANCE SHEET At December 31 Year Year 1 Current monetary sets LYD11,029,00 LYD 9,610, Inventory 1,642.000 2,49,00 Plant and equipment (net) 6.75.000 7.12.2010 LYD19.634.000 LYD19, 166,000 Current monetary lisbilities LYD 1,945,000 LYD 2,421,000 Bonds payable, due Dec 11 Years 4,830,000 4,630.000 Comon shares 5,030,000 5,030,000 Metained earnings 2.319,000 7.005.000 LY019,624,000 LY019,366,000 INCOME STATEMENT For the year ended December 31, Year 2 Sales LYDOS Inventory. Ta 1 2,409,000 Purchases 10,082,000 TveteryDec. 31 (1.842,000) Depreciation expense 574,000 Other even 2.258.000 14,281.000 Net incom LYD 1,811,000 Additional Information Exchange rates Dec 11, Year 1 Sep 30, Year Det). Year Average for Year 2 LYDI. 50.52 LYD150.62 LYOL so LYDI50.50

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions