Relana corporation owned 75% of Shan company and in 25/6/2005 Relana. Shon company.
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- On January 1, 20X1, Amber Products Corporation sold land costing $200,000 to its subsidiary, Jerry Interiors Corporation, for $240,000. Jerry still held the land at the end of 20X2. Jerry sold the land to a nonaffiliate on March 31, 20X3, for $255,000. Prepare the consolidation entry related to the land at the end of 20X2. Debit Land for $40,000; Credit Gain on Sale of Land for $40,000 Debit Investment in Jerry for $40,000; Credit Land for $40,000 Debit Gain on Sale of Land for $40,000; Credit Land for $40,000 bit Land for $40,000; Credit Investment in Jerry for $40,000.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?MCQS: Eton Corporation purchased land in 1998 for $190,000. In 2014, it purchased a nearly identical parcel of land for $430,000. In its 2014 balance sheet, Eton valued these two parcels of land at a combined value of $860,000. Reporting the land in this manner violated the: Cost principle. Principle of the business entity. Objectivity principle. Going-concern assumption MCQS: On March 2, 2014, Glen Industries purchased a fleet of automobiles at a cost of $550,000. The cars are to be depreciated by the straight-line method over five years with no salvage value. Glen uses the half-year convention to compute depreciation for fractional periods. The book value of the fleet of automobiles at December 31, 2015, will be:
- 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? A. GHS Nil B. GHS 50,000 C. GHS 200,000 D. GHS 250,000A 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.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 1,200,000
- 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?Stewart Company exchanges an asset with Leonard Corporation. Details of the exchange are as follows: Stewart company’s Piece of Equipment: Cost $1,000,000Accumulated depreciation 400,000Fair Value $800,000 Leonard Corporation’s Building: Cost $1200,000 Accumulated depreciation $550,000 Fair Value $950,000 Required a) Prepare the appropriate journal entries for both companies for the above exchange assumingthey are public companies.b) If Stewart Company paid $100,000 in this transaction. Record the appropriate journal entry inStewart’s books.c) Repeat b) assuming that Stewart Company is a private company and that the fair value ofLeonard’s building is the most determinable fair value
- Answer the following question: Chase Stokes Company purchases land and decides to use the revaluation model to account for land. The company has a December 31 year end and follows ASPE. May 1, Yr 1 Acquisition $960,000 Dec 31, Yr 1 Fair Value $960,000 Dec 31, Yr 2 Fair Value $1,300,000 Dec 31, Yr 3 Fair Value $1,300,000 Dec 31, Yr 4 Fair Value $1,000,000 Dec 31, Yr 5 Fair Value $860,000 Dec 31, Yr 6 Fair Value $1,000,000 Provide all the entries using the revaluation method. please give answer with everything6. Tulip Company purchased the net assets of another entity for P2,000,000. On the sate of the transaction, the acquire had P800,000 of liabilities The assets of the acquiree at fair value were $1,900,000 for current assets and P1,600,000 for noncurrent assets. What is the amount of gain on bargain purchase? a. P 700,000 b. P-700,000 c. P 800,000 d. P-800,000Goodwill & Impairment of GoodwillSolve the following problems. It will be helpful for the gradedcomprehensive problem found in Unit 3. Record your answers in yourlearning journal.1. On January 1, 2007 A acquired a 20% shareholding in B at acost of $40,000. On January 1, 2009, A acquired a further 40%shareholding in B at a cost of $150,000. At this time it wasdetermined that the fair value of A’s 20% shareholding in B was$50,000. Between January 1, 2007 and January 1, 2009 B madea profit of $30,000.Required:a. Calculate the cost of investment that will be used in computinggoodwillb. Calculate the goodwill arising on this transactionc. Calculate the gain arising that will be recognized in the incomestatement assuming that A’s 20% shareholding did NOT allowit to exercise significant influence over Bd. Calculate the gain arising that will be recognized in the incomestatement assuming that A’s 20% shareholding did allow it toexercise significant influence over B