Complete this question by entering your answers in the tabs below. Req A to C Req D What noncontrolling interest balances will appear in consolidated financial statements for 2024? Noncontrolling interest in consolidated net income-2024 Noncontrolling interest in Bandmor 12/31/24
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- On January 1, 2016, Telconnect acquires 70 percent of Bandmor for $490,000 cash. The remaining 30 percent of Bandmor’s shares continued to trade at a total value of $210,000. The new subsidiary reported common stock of $300,000 on that date, with retained earnings of $180,000. A patent was undervalued in the company’s financial records by $30,000. This patent had a five-year remaining life. Goodwill of $190,000 was recognized and allocated proportionately to the controlling and noncontrolling interests. Bandmor earns net income and declares cash dividends as follows:On December 31, 2018, Telconnect owes $22,000 to Bandmor.a. If Telconnect has applied the equity method, what consolidation entries are needed as of December 31, 2018?b. If Telconnect has applied the initial value method, what Entry *C is needed for a 2018 consolidation?c. If Telconnect has applied the partial equity method, what Entry *C is needed for a 2018 consolidation?d. What noncontrolling interest balances will…On January 1, 2019, Telconnect acquires 70 percent of Bandmor for $490,000 cash. The remaining 30 percent of Bandmor’s shares continued to trade at a total value of $210,000. The new subsidiary reported common stock of $300,000 on that date, with retained earnings of $180,000. A patent was undervalued in the company’s financial records by $30,000. This patent had a five-year remaining life. Goodwill of $190,000 was recognized and allocated proportionately to the controlling and noncontrolling interests. Bandmor earns net income and declares cash dividends as follows: Year Net Income Dividends 2019 $ 75,000 $ 39,000 2020 96,000 44,000 2021 110,000 60,000 On December 31, 2021, Telconnect owes $22,000 to Bandmor. If Telconnect has applied the equity method, what consolidation entries are needed as of December 31, 2021? If Telconnect has applied the initial value method, what Entry *C is needed for a 2021 consolidation? If Telconnect has applied the…Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2022, in exchange for $495,000 in cash. The subsidiary's stockholders' equity accounts totaled $479,000, and the noncontrolling interest had a fair value of $55,000 on that day. However, a building (with a ten-year remaining life) in Brey's accounting records was undervalued by $47,000. Pitino assigned the rest of the excess fair value over book value to Brey's patented technology (six-year remaining life). Brey reported net income from its own operations of $81,000 in 2022 and $97,000 in 2023. Brey declared dividends of $27,500 in 2022 and $31,500 in 2023. Brey sells inventory to Pitino as follows: Inventory Remaining at Year-End (at transfer price) $ 42,000 54,000 45,000 At December 31, 2024, Pitino owes Brey $33,000 for inventory acquired during the period. The separate account balances for the two companies at December 31, 2024, and the year then ended follow. Note: Parentheses indicate a credit balance. Year…
- Nascent, Inc., acquires 60 percent of Sea-Breeze Corporation for $414,000 cash on January 1, 2015. The remaining 40 percent of the Sea-Breeze shares traded near a total value of $276,000 both before and after the acquisition date. On January 1, 2015, Sea-Breeze had the following assets and liabilities:The companies’ financial statements for the year ending December 31, 2018, follow:Answer the following questions:a. How can the accountant determine that the parent has applied the initial value method?b. What is the annual excess amortization initially recognized in connection with this acquisition?c. If the parent had applied the equity method, what investment income would the parent have recorded in 2018?d. What amount should the parent report as retained earnings in its January 1, 2018, consolidated balance sheet?e. What is consolidated net income for 2018 and what amounts are attributable to the controlling and noncontrolling interests?f. Within consolidated statements at January 1,…On January 1, 2023, Holland Corporation paid $7 per share to a group of Zeeland Corporation shareholders to acquire 60,000 shares of Zeeland's outstanding voting stock, representing a 60 percent ownership interest. The remaining 40,000 shares of Zeeland continued to trade in the market close to its recent average of $5.50 per share both before and after the acquisition by Holland. Zeeland's acquisition date balance sheet follows: Current assets $ 16,100 Liabilities Property and equipment (net) 230,100 Connon stock Patents 217,300 Retained earnings $ 463,500 On January 1, 2023, Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $46,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $275,200. Zeeland's acquisition-date fair values for its current assets and liabilities were equal to their carrying amounts. Any remaining excess of Zeeland's acquisition-date fair value over its book…On January 1, 2023, Stream Company acquired 25 percent of the outstanding voting shares of Q-Video, Incorporated, for $718,000. Q- Video manufactures specialty cables for computer monitors. On that date, Q-Video reported assets and liabilities with book values of $1.8 million and $669,000, respectively. A customer list compiled by Q-Video had an appraised value of $234,000, although it was not recorded on its books. The expected remaining life of the customer list was five years with straight-line amortization deemed appropriate. Any remaining excess cost was not identifiable with any particular asset and thus was considered goodwill. Q-Video generated net Income of $222,000 in 2023 and a net loss of $147,000 in 2024. In each of these two years, Q-Video declared and paid a cash dividend of $16,000 to its stockholders. During 2023, Q-Video sold Inventory that had an original cost of $111,000 to Stream for $150,000. Of this balance, $75,000 was resold to outsiders during 2023, and the…
- On January 1, 2019, S acquires 70% of S for $490,000 cash. The remaining 30% of S’s shares continued to trade at a total value of $210,000. The new subsidiary reported common stock of $300,000 on that date, with retained earnings of $180,000. A patent was undervalued in the company’s financial records by $30,000. This patent had a five-year remaining life. Goodwill of $190,000 was recognized and allocated proportionately to the controlling and noncontrolling interests. S earns net income and declares cash dividends as follows: Year Net Income Dividends 2019 75,000 39,000 2020 96,000 44,000 2021 110,000 60,000 Assuming P has applied the equity method, make the needed consolidation…On January 1, 2023, Holland Corporation paid $7 per share to a group of Zeeland Corporation shareholders to acquire 60,000 shares of Zeeland's outstanding voting stock, representing a 60 percent ownership interest. The remaining 40,000 shares of Zeeland continued to trade in the market close to its recent average of $5.00 per share both before and after the acquisition by Holland. Zeeland's acquisition date balance sheet follows: Current assets $ $ 16,200 Liabilities Property and equipment (net) Patents 245,000 210,200 Common stock 100,000 218,600 Retained earnings 100,000 $ 445,000 $ 445,000 S On January 1, 2023, Holland assessed the carrying amount of Zeeland's equipment (5-year remaining life) to be undervalued by $45,000. Holland also determined that Zeeland possessed unrecorded patents (10-year remaining life) worth $244,800. Zeeland's acquisition-date fair values for its current assets and liabilities were equal to their carrying amounts. Any remaining excess of Zeeland's…On January 1, 2023, Stream Company acquired 30 percent of the outstanding voting shares of Q-Video, Incorporated, for $720,000. Q-Video manufactures specialty cables for computer monitors. On that date, Q-Video reported assets and liabilities with book values of $1.8 million and $772,000, respectively. A customer list compiled by Q-Video had an appraised value of $298,000, although it was not recorded on its books. The expected remaining life of the customer list was twenty five years with straight-line amortization deemed appropriate. Any remaining excess cost was not identifiable with any particular asset and thus was considered goodwill. Q-Video generated net income of $370,000 in 2023 and a net loss of $116,000 in 2024. In each of these two years, Q-Video declared and paid a cash dividend of $18,000 to its stockholders. During 2023, Q-Video sold inventory that had an original cost of $100,040 to Stream for $164,000. Of this balance, $82,000 was resold to outsiders during 2023, and…
- On January 1, 2022, Sun Company acquired 85% of outstanding shares of Moon Corp. The consideration transferred includes cash payment of P2,000,000 and issuance of 50,000 shares with a market price of P45 per share. The book value of Moon Corp.’s identifiable net assets approximate its fair value, except for the following: Merchandise inventory’s fair value is lower than the book balance by 150,000. Equipment-A, with 2 years remaining useful life, costing P300,000 is understated by P50,000. Land with a fair value of P500,000 is recognized in the books amounting to P350,000. The following events happened to Moon Corp. Equipment-A was sold in June 30, 2023 for P320,000. 60% of merchandise inventory were sold in 2022. There is no movement as to the ordinary shares of Moon Corp during the year. The unadjusted trial balance as of December 31, 2022 were as follows: Sun Company Moon Corp Cash 2,240,000 1,800,000 Trade Receivables 1,000,000 960,000…On January 1, 2022, Lucas Company acquired 85% of outstanding shares of Luna Corp. The consideration transferred includes cash payment of P2,000,000 and issuance of 50,000 shares with a market price of P45 per share. The book value of Luna Corp.’s identifiable net assets approximate its fair value, except for the following: Merchandise inventory’s fair value is lower than the book balance by 150,000. Equipment-A, with 2 years remaining useful life, costing P300,000 is understated by P50,000. Land with a fair value of P500,000 is recognized in the books amounting to P350,000. The following events happened to Luna Corp. Equipment-A was sold in June 30, 2023 for P320,000. 60% of merchandise inventory were sold in There is no movement as to the ordinary shares of Luna Corp during the The unadjusted trial balance as of December 31, 2022 were as follows: Lucas Company Luna Corp Cash 2,240,000 1,800,000 Trade Receivables 1,000,000 960,000 Merchandise…On January 1, 2023, Stream Company acquired 29 percent of the outstanding voting shares of Q-Video, Incorporated, for $680,000. Q-Video manufactures specialty cables for computer monitors. On that date, Q-Video reported assets and liabilities with book values of $2.6 million and $634,000, respectively. A customer list compiled by Q-Video had an appraised value of $262,000, although it was not recorded on its books. The expected remaining life of the customer list was five years with straight-line amortization deemed appropriate. Any remaining excess cost was not identifiable with any particular asset and thus was considered goodwill. Q-Video generated net income of $298,000 in 2023 and a net loss of $102,000 in 2024. In each of these two years, Q-Video declared and paid a cash dividend of $12,000 to its stockholders. During 2023, Q-Video sold Inventory that had an original cost of $88,000 to Stream for $160,000. Of this balance, $80,000 was resold to outsiders during 2023, and the…