Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE HELP WITH FINDING THE AMORTIZATION DIFFERECE FOR 2 0 X 2 Please do all journal entries thx Pizza Corporation purchased 1 0 0 percent

PLEASE HELP WITH FINDING THE AMORTIZATION DIFFERECE FOR 20X2
Please do all journal entries thx Pizza Corporation purchased 100 percent of the common stock of Slice Corporation on January 1,20X2, by issuing 49,000 shares of its $ 7 par value common stock. The market price of Pizza's shares at the date of issue was $ 24. Slice reported net assets with a book value of $ 1,088,500 on that date. The amount paid in excess of the book value of Slice's net assets was attributed to the increased value of patents held by Slice with a remaining useful life of 7 years. Slice reported net income of $ 59,000, paid dividends of $ 24,000 in 20\times 2, reported a net loss of $ 47,000, and paid dividends of $ 14,000 in 20\times 3. Required: Assuming that Pizza Corporation uses the equity method in accounting for its investment in Slice Corporation, prepare all journal entries for Pizza for 20\times 2 and 20\times 3. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.uming that Pizza Corporation uses the equity method in accounting for its investment in Slic ies for Pizza for 20\times 2 and 20\times 3. e: If no entry is required for a transaction/event, select "No journal entry required" in the Journal entry worksheet 67 Record the dividend from Slice Corporation for 20\times 2. Note: Enter debits before credits.Journal entry worksheet Record the equity-method income or loss for 20\times 2. Note: Enter debits before credits.tries for Pizza for 20\times 2 and 20\times 3. ote: If no entry is required for a transaction/event, select "No journai entry required" Journal entry worksheet 17 Record the amortization of the differential value for 20\times 2. Note: Enter debits before credits.Journal entry worksheet Record the dividend from Slice Corporation for 20\times 3. Note: Enter debits before credits.Journal entry worksheet Record the equity-method income or loss for 20\times 3. Note: Enter debits before credits.Journal entry worksheet 125 Record the amortization of the differential value for 20\times 3. N
Journal entry worksheet
1*2
3
4
5
6
7
Record the amortization of the differential value for 202.
Note: Enter debits before credits.
\table[[Event,General Journal,Debit,Credit],[(1d),Income from Slice Corporation,,],[,Investment in Slice Corporation,,],[,,,],[,,,],[,,,]]ote: Enter debits before credits.
image text in transcribed

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

Recommended Textbook for

Introduction To Management Accounting Chapters 1 To 14

Authors: Charles T Horngren, Gary L Sundem, William O Stratton, Dave Burgstahler, Jeff Schatzberg

15th Edition

0136102778, 9780136102779

More Books

Students also viewed these Accounting questions

Question

=+2. How can the revenue model of the music industry be described?

Answered: 1 week ago