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Exercise 4-5 On January 1, 2014, Plate Company purchased a 90% interest in the common stock...
Exercise 4-6 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of...
Exercise 4-6 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $352,500. On that date, Sales Company's stockholders' equity consisted of common stock, $100,400; other contributed capital, $40,500; and retained earnings, $143,800. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $153,600 and declared and paid a $50,300 dividend....
Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of...
Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $361,700. On that date, Sales Company's stockholders' equity consisted of common stock, $93,900; other contributed capital, $37,000; and retained earnings, $148,500. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $134,900 and declared and paid a $50,500 dividend....
Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of...
Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $361,700. On that date, Sales Company's stockholders' equity consisted of common stock, $93,900; other contributed capital, $37,000; and retained earnings, $148,500. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $134,900 and declared and paid a $50,500 dividend....
* Exercise 5-15 A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January...
* Exercise 5-15 A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January 2, 2014. The common stock balance of Saxton Corporation was $2,953,800 on this date, and the balance in retained earnings was The cost of the investment to Palm Incorporated was $3,774,000. The balance sheet information available for Saxton Corporation on the acquisition date revealed these values: Inventory (FIFO) Equipment (net) Land Book Value $687,400 1,988,100 1,630,600 Fair Value $798,200 1,988,100 1,961,300 The equipment was...
Problem 4-7 Price Company purchased 90% of the outstanding common stock of Score Company on January...
Problem 4-7 Price Company purchased 90% of the outstanding common stock of Score Company on January 1, 2011, for $445,950. At that time, Score Company had stockholders' equity consisting of common stock, $201,100; other contributed capital, $158,500; and retained earnings, $89,500. On December 31, 2015, trial balances for Price Company and Score Company were as follows: Cash Accounts Receivable Note Receivable Inventory Investment in Score Company Plant and Equipment Land Dividends Declared Cost of Goods Sold Other Expenses Total Debits...
Exercise 7-12 Pomeroy Corporation owns an 80% interest in Sherer Company and a 90% interest in...
Exercise 7-12
Pomeroy Corporation owns an 80% interest in Sherer Company and a
90% interest in Tampa Company. On January 2, 2014, Tampa Company
sold equipment with a book value of $631,800 to Sherer Company for
$705,300. This equipment has a remaining useful life of three
years. Sherer Company reported $108,800 and Tampa Company reported
$154,500 in net income (including sales to affiliates) in 2014.
Prepare the 2014 and 2015 consolidated statements workpaper entries
to eliminate the effects of this...
Exercise 3-3 On January 2, 2014, Prunce Company acquired 90% of the outstanding common stock of...
Exercise 3-3
On January 2, 2014, Prunce Company acquired 90% of the outstanding
common stock of Sun Company for $180,700 cash. Just before the
acquisition, the balance sheets of the two companies were as
follows:
Prunce
Sun
Cash
$282,130
$ 59,040
Accounts receivable (net)
142,020
24,810
Inventory
118,670
53,230
Plant and equipment (net)
395,640
92,960
Land
62,550
29,220
Total asset
$1,001,010
$259,260
Accounts payable
$106,440
$ 50,420
Mortgage payable
67,320
37,660
Common stock, $2 par value
421,400
76,960
Other contributed...
Exercise 5-5 On January 1, 2014, P Company purchased an 80% interest in s Company for...
Exercise 5-5 On January 1, 2014, P Company purchased an 80% interest in s Company for $590,400, at which time S Company had retained earnings of $310,800 and common stock of $344,300. Any difference between book value and the value implied by the purchase price was entirely attributable to a patent with a remaining useful life of 10 years. Assume that P and S Companies reported net incomes from their independent operations of $195,800 and $100,300, respectively. Calculate the controlling...
Exercise 3-6 On December 31, 2013, Price Company purchased a controlling interest in Shipley Company. The...
Exercise 3-6
On December 31, 2013, Price Company purchased a controlling
interest in Shipley Company. The balance sheet of Price Company and
the consolidated balance sheet on December 3, 2013, were as
follows:
Price Company
Consolidated
Cash
$23,140
$40,992
Accounts receivable
36,350
52,500
Inventory
123,490
151,399
Investment in Shipley Company
216,430
—0—
Plant and equipment (net)
174,540
331,390
Land
110,290
223,723
Total
$684,240
$800,004
Accounts payable
$42,480
$120,050
Note payable
99,100
99,100
Noncontrolling interest in Shipley Company
—0—
38,194
Common...
Exercise 3-2 On January 1, 2014, Polo Company purchased 100% of the common stock of Save...
Exercise 3-2 On January 1, 2014, Polo Company purchased 100% of the common stock of Save Company by issuing 42,060 shares of its (Polo’s) $10 par value common stock with a market price of $18.10 per share. Polo incurred cash expenses of $18,210 for registering and issuing the common stock. The stockholders’ equity section of the two companies’ balance sheets on December 31, 2013, were: Polo Save Common stock, $10 par value $325,900 $291,030 Other contributed capital 630,640 173,360 Retained...
Exercise 4-6 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $352,500. On that date, Sales Company's stockholders' equity consisted of common stock, $100,400; other contributed capital, $40,500; and retained earnings, $143,800. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $153,600 and declared and paid a $50,300 dividend....
Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $361,700. On that date, Sales Company's stockholders' equity consisted of common stock, $93,900; other contributed capital, $37,000; and retained earnings, $148,500. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $134,900 and declared and paid a $50,500 dividend....
Exercise 4-7 On January 1, 2014, Pert Company purchased 85% of the outstanding common stock of Sales Company for $361,700. On that date, Sales Company's stockholders' equity consisted of common stock, $93,900; other contributed capital, $37,000; and retained earnings, $148,500. Pert Company paid more than the book value of net assets acquired because the recorded cost of Sales Company's land was significantly less than its fair value. During 2014 Sales Company earned $134,900 and declared and paid a $50,500 dividend....
* Exercise 5-15 A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January 2, 2014. The common stock balance of Saxton Corporation was $2,953,800 on this date, and the balance in retained earnings was The cost of the investment to Palm Incorporated was $3,774,000. The balance sheet information available for Saxton Corporation on the acquisition date revealed these values: Inventory (FIFO) Equipment (net) Land Book Value $687,400 1,988,100 1,630,600 Fair Value $798,200 1,988,100 1,961,300 The equipment was...
Problem 4-7 Price Company purchased 90% of the outstanding common stock of Score Company on January 1, 2011, for $445,950. At that time, Score Company had stockholders' equity consisting of common stock, $201,100; other contributed capital, $158,500; and retained earnings, $89,500. On December 31, 2015, trial balances for Price Company and Score Company were as follows: Cash Accounts Receivable Note Receivable Inventory Investment in Score Company Plant and Equipment Land Dividends Declared Cost of Goods Sold Other Expenses Total Debits...
Exercise 7-12
Pomeroy Corporation owns an 80% interest in Sherer Company and a
90% interest in Tampa Company. On January 2, 2014, Tampa Company
sold equipment with a book value of $631,800 to Sherer Company for
$705,300. This equipment has a remaining useful life of three
years. Sherer Company reported $108,800 and Tampa Company reported
$154,500 in net income (including sales to affiliates) in 2014.
Prepare the 2014 and 2015 consolidated statements workpaper entries
to eliminate the effects of this...
Exercise 3-3
On January 2, 2014, Prunce Company acquired 90% of the outstanding
common stock of Sun Company for $180,700 cash. Just before the
acquisition, the balance sheets of the two companies were as
follows:
Prunce
Sun
Cash
$282,130
$ 59,040
Accounts receivable (net)
142,020
24,810
Inventory
118,670
53,230
Plant and equipment (net)
395,640
92,960
Land
62,550
29,220
Total asset
$1,001,010
$259,260
Accounts payable
$106,440
$ 50,420
Mortgage payable
67,320
37,660
Common stock, $2 par value
421,400
76,960
Other contributed...
Exercise 5-5 On January 1, 2014, P Company purchased an 80% interest in s Company for $590,400, at which time S Company had retained earnings of $310,800 and common stock of $344,300. Any difference between book value and the value implied by the purchase price was entirely attributable to a patent with a remaining useful life of 10 years. Assume that P and S Companies reported net incomes from their independent operations of $195,800 and $100,300, respectively. Calculate the controlling...
Exercise 3-6
On December 31, 2013, Price Company purchased a controlling
interest in Shipley Company. The balance sheet of Price Company and
the consolidated balance sheet on December 3, 2013, were as
follows:
Price Company
Consolidated
Cash
$23,140
$40,992
Accounts receivable
36,350
52,500
Inventory
123,490
151,399
Investment in Shipley Company
216,430
—0—
Plant and equipment (net)
174,540
331,390
Land
110,290
223,723
Total
$684,240
$800,004
Accounts payable
$42,480
$120,050
Note payable
99,100
99,100
Noncontrolling interest in Shipley Company
—0—
38,194
Common...
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