Homework Answers
| Answer: |
| Under the given case,Phoneix acquired 100% of outstanding Shares of Sodeno, the Retained Earnings balance at the end will be the same balance of Phonenix, since sodeno is fully acquired by Phoenix and the equity menthod is being used. |
| Phoenix's consolidated retained earnings balance at December 12/31/21 = $ 323,650 |
| Option (a ) is Correct |
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Required information [The following information applies to the questions displayed below.) On January 1, 2019, Phoenix...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $684,000 cash. At January 1, 2019, Sedona’s net assets had a total carrying amount of $478,800. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $86,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its...
(The following information applies to the questions displayed below) On January 1, 2019, Phoenix Co, acquired...
(The following information applies to the questions displayed below) On January 1, 2019, Phoenix Co, acquired 100 percent of the outstanding voting shares of Sedona Inc. for $760,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $532,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $111.000. Any remaining excess for over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books....
(The following information applies to the questions displayed below.) On January 1, 2019, Phoenix Co. acquired...
(The following information applies to the questions displayed below.) On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $760,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $532,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $111.000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books....
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona...
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $80,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its...
Required information (The following information applies to the questions displayed below.) On January 1, 2018, Brown...
Required information (The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $42,500 face value, four-year term note that had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $12,547 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $20,825...
Required information The following information applies to the questions displayed below. On January 1, 2018, Brown...
Required information The following information applies to the questions displayed below. On January 1, 2018, Brown Co borrowed cash from First Bank byssuing a $47.000 face value, four-year term note that had an 7 percent annual interest rate. The notes to be repaid by making annual cash payments of $13,876 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase and that generated rental revenues of $23,500 cash per...
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a...
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, at a cost of $46,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $7,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,000. Required: 1. Prepare the year-end journal entry for...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Excel Delivery Company purchased a delivery van for $129,000. At the end of its five-year service life, it is estimated that the van will be worth $13,200. During the five-year period, the company expects to drive the van 386,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 2. Double-declining balance. (Round your answers to...
Required information Use the following information to answer questions 7 and 8 On January 1, 2016,...
Required information Use the following information to answer questions 7 and 8 On January 1, 2016, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc. for $429,000 cash. The acquisition-date fair value of the noncontrolling interest was $47,700. At January 1, 2016, Star's net assets had a total carrying amount of $333,900. Equipment (eight-year remaining life) was undervalued on Star's financial records by $54.400. Any remaining excess fair value over book value was attributed to a...
Required information (The following information applies to the questions displayed below.) On January 1, 2019. Rain...
Required information (The following information applies to the questions displayed below.) On January 1, 2019. Rain Technology purchased at par $82,000, 5%, bonds of Lightyear Services Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31. Rain Technology's year ends on December 31. The following information applies to the fair value of Lightyear Services' bonds: Bond Price 12/31/2019 $80,000 12/31/2020 89,000 12/31/2021 84,000 Rain Technology sold the bonds on July 14, 2022, for $87,000....
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $684,000 cash. At January 1, 2019, Sedona’s net assets had a total carrying amount of $478,800. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $86,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its...
(The following information applies to the questions displayed below) On January 1, 2019, Phoenix Co, acquired 100 percent of the outstanding voting shares of Sedona Inc. for $760,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $532,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $111.000. Any remaining excess for over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books....
(The following information applies to the questions displayed below.) On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $760,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $532,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $111.000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books....
On January 1, 2019, Phoenix Co. acquired 100 percent of the outstanding voting shares of Sedona Inc. for $600,000 cash. At January 1, 2019, Sedona's net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Sedona's financial records by $80,000. Any remaining excess fair over book value was attributed to a customer list developed by Sedona (four-year remaining life), but not recorded on its books. Phoenix applies the equity method to account for its...
Required information (The following information applies to the questions displayed below.) On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $42,500 face value, four-year term note that had an 7 percent annual interest rate. The note is to be repaid by making annual cash payments of $12,547 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $20,825...
Required information The following information applies to the questions displayed below. On January 1, 2018, Brown Co borrowed cash from First Bank byssuing a $47.000 face value, four-year term note that had an 7 percent annual interest rate. The notes to be repaid by making annual cash payments of $13,876 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase and that generated rental revenues of $23,500 cash per...
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, at a cost of $46,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $7,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,000. Required: 1. Prepare the year-end journal entry for...
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the Excel Delivery Company purchased a delivery van for $129,000. At the end of its five-year service life, it is estimated that the van will be worth $13,200. During the five-year period, the company expects to drive the van 386,000 miles. Required: Calculate annual depreciation for the five-year life of the van using each of the following methods. 2. Double-declining balance. (Round your answers to...
Required information Use the following information to answer questions 7 and 8 On January 1, 2016, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc. for $429,000 cash. The acquisition-date fair value of the noncontrolling interest was $47,700. At January 1, 2016, Star's net assets had a total carrying amount of $333,900. Equipment (eight-year remaining life) was undervalued on Star's financial records by $54.400. Any remaining excess fair value over book value was attributed to a...
Required information (The following information applies to the questions displayed below.) On January 1, 2019. Rain Technology purchased at par $82,000, 5%, bonds of Lightyear Services Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31. Rain Technology's year ends on December 31. The following information applies to the fair value of Lightyear Services' bonds: Bond Price 12/31/2019 $80,000 12/31/2020 89,000 12/31/2021 84,000 Rain Technology sold the bonds on July 14, 2022, for $87,000....
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