Q.2 Relana corporation owned 75% of Shan company and in 25/6/2005 Shan, sold land at $ 60,000 with original cost $ 40,000 to Relana company. In 24/7/2007 Relana company sold the land to outsiders at $ 30,000. Required: Prepare the eliminating for the intercompany transaction for 2005, 2006, and 2007
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- Lauren Ltd bought some land on 1 January 20X4 for GHS 500,000. On 31 December 20X5, this land was revalued to GHS 700,000. On 31 December 20X7, the fair value less costs to sell off this land was estimated at GHS 400,000 and its value in use at GHS 450,000. According to IAS 36 Impairment of Assets, what amount will be included in the income statement of Lauren Ltd for the year ended 31 December 20X7 in respect of the impairment loss on this land?Patch Corporation purchased land from Sub1 Corporation for $400,000 on December 3, 20X5. This purchase followed a series of transactions between Patch-controlled subsidiaries. On January 23, 20X5, Sub3 Corporation purchased the land from a nonaffiliate for $270,000. It sold the land to Sub2 Company for $240,000 on July 15, 20X5, and Sub2 sold the land to Sub1 for $275,000 on September 5, 20X5. Patch has control of the following companies: Subsidiary Level of Ownership 20X5 Net Income Sub3 60 percent $160,000 Sub2 90 percent $240,000 Sub1 70 percent $190,000 Patch reported income from its separate operations of $345,000 for 20X5. Based on the preceding information, at what amount should the land be reported in the consolidated balance sheet as of December 31, 20X5? $270,000 $240,000 $275,000 $400,000Lauren Ltd bought some land on 1 January 20X4 for GHS 500,000. On 31 December 20X5, this land was revalued to GHS 700,000. On 31 December 20X7, the fair value less costs to sell off this land was estimated at GHS 400,000 and its value in use at GHS 450,000. According to IAS 36 Impairment of Assets, what amount will be included in the income statement of Lauren Ltd for the year ended 31 December 20X7 in respect of the impairment loss on this land? A. GHS Nil B. GHS 50,000 C. GHS 200,000 D. GHS 250,000
- Hoover Company acquired Burgess Company for $1,200,000 cash. The fair value of Burgess's assets was $1,040,000, and the company had liabilities of $60,000. Which of the following journal entries would be used to record the purchase of Burgess Company? Multiple Choice Burgess assets Burgess liabilities Goodwill Cash Burgess assets Cash 1,040,000 60,000 100,000 1,200,000 1,200,000 1,200,000A Ltd purchases the B Ltd for the following consideration of: Cash : $150 00 Land: carrying amount of the land is $120 000; fair value is $195 000. The statement of financial position of the B Ltd as at the date of acquisition shows assets of $390 000 and liabilities of $195 000. All assets are fairly valued except the B Ltd's building, which is in the accounts at $70 000 but has a fair value of $95 000. There are no contingent liabilities. Required: Calculate the value of goodwill? Note: Provide all workings. Do not just write the final answer.In 2014, P Corporation sold land to its subsidiary, S Corporation, for $38,000. It had a book value of $24,000. In the next year, S corp sold the land for $41,000 to an unaffiliated firm. Which of the following is correct? Select one: a. A consolidation working sheet entry is required each year that S co has the land b. A consolidation working sheet entry is required only if the subsidiary was less than 100% owned in 2014. c. No consolidation working sheet entry is required for this transaction in 2014. d. A consolidation working sheet entry was required only if the land was held for resale in 2014
- A Ltd purchases the B Ltd for the following consideration of: Cash : $150 000 Land: carrying amount of the land is $120 000; fair value is $195 000. The statement of financial position of the B Ltd as at the date of acquisition shows assets of $390 000 and liabilities of $195 000. All assets are fairly valued except the B Ltd's building, which is in the accounts at $70 000 but has a fair value of $95 000. There are no contingent liabilities. Required: Calculate the value of goodwill?TCO C) Floyd Company purchases Haeger Company for $800,000cash on January 1, 2011. The book value of Haeger Company’s netassets, as reflected on its December 31, 2010 balance sheet, is$620,000. An analysis by Floyd on December 31, 2010 indicates thatthe fair value of Haeger’s tangible assets exceeded the book valueby $60,000, and the fair value of identifiable intangible assetsexceeded book value by $45,000. How much goodwill should berecognized by Floyd Company when recording the purchase of HaegerCompany?On January 1, 20X1, Shaw purchased 100% of the stock of Poe in a transaction that was properly accounted for as a business combination. Required: Items 1 through 3 below represent transactions between Shaw and Poe during 20X1. Prepare the eliminating entries in general journal format for each of these transactions. 1. On January 3, 20X1, Shaw sold equipment with an original cost of $30,000 and a carrying value of $15,000 to Poe for $36,000. The equipment had a remaining life of three years and was depreciated using the straight-line method by both companies. 2. During 20X1, Shaw sold merchandise to Poe for $60,000, which included a profit of $20,000. At December 31, 20X1, half of this merchandise remained in Poe's inventory. 3. On December 31, 20X1, Shaw paid $91,000 to purchase 50% ($100,000) of the outstanding bonds issued by Poe. The bonds mature on December 31, 20X5, and were originally issued at par. The bonds pay interest annually on December 31 of each year, and the interest was…
- On January 1, 20X1, Shaw purchased 100% of the stock of Poe in a transaction that was properly accounted for as a business combination. Required: Items 1 through 3 below represent transactions between Shaw and Poe during 20X1. Prepare the eliminating entries in general journal format for each of these transactions. 1. On January 3, 20X1, Shaw sold equipment with an original cost of $30,000 and a carrying value of $15,000 to Poe for $36,000. The equipment had a remaining life of three years and was depreciated using the straight-line method by both companies. 2. During 20X1, Shaw sold merchandise to Poe for $60,000, which included a profit of $20,000. At December 31, 20X1, half of this merchandise remained in Poe's inventory. 3. On December 31, 20X1, Shaw paid $91,000 to purchase 50% ($100,000) of the outstanding bonds issued by Poe. The bonds mature on December 31, 20X5, and were originally issued at par. The bonds pay interest annually on December 31 of each year, and the interest was…(TCO D) When Timber Co. acquired 75% of the common stock of Woody Corp., Woody owned land with a book value of $70,000 and a fair value of $100,000. What amount of excess land allocation would be included for the calculation of noncontrolling interest, according to SFAS 141(R)? Group of answer choices $70,000 $25,000 $17,500 $7,500 $0Garcla Co. owns equlipment that cost $77,600, with accumulated depreclation of $41.200. Record the sale of the equipment under the following three separate cases assuming Garcla sells the equipment for (1) $47,600 cash. (2) $36,400 cash, and (3) $31.,300 cash. Vlew transaction Ilat Journal entry worksheet A Record the sale of equipment assuming Garcia sells the equipment for $47,600 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry Vlew general journal