Vaughn Inc acquired 125,000 common shares, which is 25% of the
outstanding common shares, of Tahiti Ltd. on January 1, 2020 for
$806,250. At the time of purchase, Tahiti Ltd. depreciable assets
were undervalued by $42,840. The depreciable assets had a remaining
useful life of 5 years with no salvage value. Tahiti Ltd. declared
and paid a cash dividend of $0.55 per share on July 31, 2020.
Tahiti Ltd. reported $1.2 million as net income on December 31,
2020 for the year ending on this date. Assume that Vaughn Inc. is
in a position to exercise significant influence over Tahiti Ltd,
and that Vaughn follows IFRS.
Prepare all the journal entries for 2020 in the books of Vaughn
Inc. relating to above transactions. (Credit account
titles are automatically indented when the amount is entered. Do
not indent manually. Record journal entries in the order presented
in the problem. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts.)
Homework Answers
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Vaughn Inc acquired 125,000 common shares, which is 25% of the outstanding common shares, of Tahiti Ltd. on January 1, 2...
Pina Inc acquired 125,000 common shares, which is 25% of the outstanding common shares of Tahiti...
Pina Inc acquired 125,000 common shares, which is 25% of the outstanding common shares of Tahiti Ltd. on January 1, 2020 for $793,750. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $38,080. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.40 per share on July 31, 2020. Tahiti Ltd. reported $1.1 million as net income on December 31, 2020 for...
Bonita Inc acquired 100,000 common shares, which is 25% of the outstanding common shares, of Tahiti...
Bonita Inc acquired 100,000 common shares, which is 25% of the outstanding common shares, of Tahiti Ltd. on January 1, 2020 for $668,000. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $46,000. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.45 per share on July 31, 2020. Tahiti Ltd. reported $1.2 million as net income on December 31, 2020 for...
Swifty Inc acquired 100,000 common shares, which is 25% of the outstanding common shares of Tahiti...
Swifty Inc acquired 100,000 common shares, which is 25% of the outstanding common shares of Tahiti Ltd. on January 1, 2020 for $552,000. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $45,000. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.30 per share on July 31, 2020. Tahiti Ltd. reported $1.2 million as net income on December 31, 2020 for...
Not sure if my answers are correct this far. This is what I was given. I...
Not sure if my answers are correct this far.
This is what I was given. I started to fill it out,
but realized I really did not know what I was doing. Disregard the
information put into the journal entries as they were just my
attempts to figure out what I needed to do.
Marigold Inc acquired 121,000 common shares, which is 25% of the outstanding common shares of Tahiti Ltd, on January 1, 2020 for $719,950. At the time...
Question 6 Bramble Inc. acquired 20% of the outstanding common shares of Gregson Inc. on December...
Question 6 Bramble Inc. acquired 20% of the outstanding common shares of Gregson Inc. on December 31, 2019. The purchase price was $1,000,000 for 50,000 shares, and is equal to 20% of Gregson's carrying amount. Gregson declared and paid a $0.85 per share cash dividend on June 15 and again on December 15, 2020. Gregson reported net income of $545,000 for 2020. The fair value of Gregson's shares was $25 per share at December 31, 2020. Bramble is a public...
Blue Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Blue Inc. acquired 20% of the outstanding common stock of
Theresa Kulikowski Inc. on December 31, 2020. The purchase price
was $1,111,200 for 46,300 shares. Kulikowski Inc. declared and paid
an $0.80 per share cash dividend on June 30 and on December 31,
2021. Kulikowski reported net income of $788,000 for 2021. The fair
value of Kulikowski’s stock was $27 per share at December 31, 2021.
Assume that the security is a trading security.
Prepare the journal entries for Blue...
Oriole Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Oriole Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,031,800 for 46,900 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $714,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Oriole...
Teal Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Teal Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $998,800 for 45,400 shares. Kulikowski Inc, declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $708,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Teal...
Grouper Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Grouper Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,310,000 for 52,400 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $701,000 for 2021. The fair value of Kulikowski's stock was $28 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Grouper...
Marin Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Marin Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,053,400 for 45,800 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $742,000 for 2021. The fair value of Kulikowski's stock was $26 per share at December 31, 2021. Assume that the security is a trading security Prepare the journal entries for Marin...
Pina Inc acquired 125,000 common shares, which is 25% of the outstanding common shares of Tahiti Ltd. on January 1, 2020 for $793,750. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $38,080. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.40 per share on July 31, 2020. Tahiti Ltd. reported $1.1 million as net income on December 31, 2020 for...
Bonita Inc acquired 100,000 common shares, which is 25% of the outstanding common shares, of Tahiti Ltd. on January 1, 2020 for $668,000. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $46,000. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.45 per share on July 31, 2020. Tahiti Ltd. reported $1.2 million as net income on December 31, 2020 for...
Swifty Inc acquired 100,000 common shares, which is 25% of the outstanding common shares of Tahiti Ltd. on January 1, 2020 for $552,000. At the time of purchase, Tahiti Ltd. depreciable assets were undervalued by $45,000. The depreciable assets had a remaining useful life of 5 years with no salvage value. Tahiti Ltd. declared and paid a cash dividend of $0.30 per share on July 31, 2020. Tahiti Ltd. reported $1.2 million as net income on December 31, 2020 for...
Not sure if my answers are correct this far.
This is what I was given. I started to fill it out,
but realized I really did not know what I was doing. Disregard the
information put into the journal entries as they were just my
attempts to figure out what I needed to do.
Marigold Inc acquired 121,000 common shares, which is 25% of the outstanding common shares of Tahiti Ltd, on January 1, 2020 for $719,950. At the time...
Question 6 Bramble Inc. acquired 20% of the outstanding common shares of Gregson Inc. on December 31, 2019. The purchase price was $1,000,000 for 50,000 shares, and is equal to 20% of Gregson's carrying amount. Gregson declared and paid a $0.85 per share cash dividend on June 15 and again on December 15, 2020. Gregson reported net income of $545,000 for 2020. The fair value of Gregson's shares was $25 per share at December 31, 2020. Bramble is a public...
Blue Inc. acquired 20% of the outstanding common stock of
Theresa Kulikowski Inc. on December 31, 2020. The purchase price
was $1,111,200 for 46,300 shares. Kulikowski Inc. declared and paid
an $0.80 per share cash dividend on June 30 and on December 31,
2021. Kulikowski reported net income of $788,000 for 2021. The fair
value of Kulikowski’s stock was $27 per share at December 31, 2021.
Assume that the security is a trading security.
Prepare the journal entries for Blue...
Oriole Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,031,800 for 46,900 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $714,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Oriole...
Teal Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $998,800 for 45,400 shares. Kulikowski Inc, declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $708,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Teal...
Grouper Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,310,000 for 52,400 shares. Kulikowski Inc. declared and paid an $0.85 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $701,000 for 2021. The fair value of Kulikowski's stock was $28 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Grouper...
Marin Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,053,400 for 45,800 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $742,000 for 2021. The fair value of Kulikowski's stock was $26 per share at December 31, 2021. Assume that the security is a trading security Prepare the journal entries for Marin...
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