QUESTION 13 in January 2020, Domingo, Inc., acquired 20 percent of the outstanding common stock of Martes, Inc. for 5814,000. This investment gave Domino the ability to exercise sinificant influence o Martes whose balance sheet on that date showed total assets of 54,023,000,labilities of 5913,000, and equity of 53,110,000. Byxcess.com se book value of the investment was attributed to a patent having a remaining useful for 10 years. 2020, Martes reported net income of $25,000. In 2021, Martes reported net income of 5309,000. Dividends of $102,000 were declared in each of these two years. At the date of acquisition what value of the investment was attributed to the patent? TTT Arial 3(12pt T.. 15 QUESTION 25 On January 1, 2021, Alamar Corporation acquired a 43 percent interest in Burks, Inc., for $222. On that date. Burks's balance sheet disclosed net assets with both a far and book value of $334. During 2021, Burks reported net income of $75 and declared and paid cash dividends of so. All companies involved have a December 31st year end. REQUIRMENT: Prepare all of Alamar's 2021 journal entries to apply the equity method to this investment. (Format of answer: Format of answer in a professional accounting format requiring (1) Description Date (2) Respective DR for DEBIT CR and CREDIT in front of ACCOUNT. (3) use the proper account name used in this course textbook in place 3 dollar amount 11/2000 rengnire Pension Expense DR Pension Expense 1.000 Pension Liability 1.000 TTT Arial 3 (12pt) T. E. E. - 2 QUESTION 12 On January 1, 2021. Corzine Inc. acquired 15% of Hammon Co.'s outstanding common stock for 562,400 and did not exercise significant influence. Hammon eamed net income of 396,000 in 2021 and paid dividends of $36,000. The fair value of Corzine's Investment was 580,000 at December 31, 2021. All companies involved have a December 3111 REQUIRMENT: Prepare all of Cozine's 2021 journal entries to apply the appropriate method to this investment Format of answer in a professional accounting format requiring (1) Description/Date (2) Respective DR for DEBIT CR and CREDIT in front of ACCOUNT.(3) use the proper account name used in this course/textbook. 14 places dollar amount Drample: 12/31/2000 Recognize Pension Expense DR. Pension Expense 1.000 CR. Pension Liability 1,000 QUESTION 13 in January 2020, Domingo, Inc., acquired 20 percent of the outstanding common stock of Martes, Inc. for 5814,000. This investment gave Domino the ability to exercise sinificant influence o Martes whose balance sheet on that date showed total assets of 54,023,000,labilities of 5913,000, and equity of 53,110,000. Byxcess.com se book value of the investment was attributed to a patent having a remaining useful for 10 years. 2020, Martes reported net income of $25,000. In 2021, Martes reported net income of 5309,000. Dividends of $102,000 were declared in each of these two years. At the date of acquisition what value of the investment was attributed to the patent? TTT Arial 3(12pt T.. 15 QUESTION 25 On January 1, 2021, Alamar Corporation acquired a 43 percent interest in Burks, Inc., for $222. On that date. Burks's balance sheet disclosed net assets with both a far and book value of $334. During 2021, Burks reported net income of $75 and declared and paid cash dividends of so. All companies involved have a December 31st year end. REQUIRMENT: Prepare all of Alamar's 2021 journal entries to apply the equity method to this investment. (Format of answer: Format of answer in a professional accounting format requiring (1) Description Date (2) Respective DR for DEBIT CR and CREDIT in front of ACCOUNT. (3) use the proper account name used in this course textbook in place 3 dollar amount 11/2000 rengnire Pension Expense DR Pension Expense 1.000 Pension Liability 1.000 TTT Arial 3 (12pt) T. E. E. - 2 QUESTION 12 On January 1, 2021. Corzine Inc. acquired 15% of Hammon Co.'s outstanding common stock for 562,400 and did not exercise significant influence. Hammon eamed net income of 396,000 in 2021 and paid dividends of $36,000. The fair value of Corzine's Investment was 580,000 at December 31, 2021. All companies involved have a December 3111 REQUIRMENT: Prepare all of Cozine's 2021 journal entries to apply the appropriate method to this investment Format of answer in a professional accounting format requiring (1) Description/Date (2) Respective DR for DEBIT CR and CREDIT in front of ACCOUNT.(3) use the proper account name used in this course/textbook. 14 places dollar amount Drample: 12/31/2000 Recognize Pension Expense DR. Pension Expense 1.000 CR. Pension Liability 1,000
