The consolidated balance sheet for P and S Companies on the date of acquisition will include: * Current Assets of $244,000 Current Liabilities of $144,000 Noncontrolling Interest of $90,000 O Land of $160,000 None of the options is correct O O
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- Benjamin Inc. and Victor Inc. agreed to combine as of January 1, 2023. The book value and fair value of Victor's accounts on that date (prior to creating the combination) follow, along with the book value of Benjamin's accounts: Current assets Building and equipment (net) Liabilities Common Stock Additional paid-in capital Retained earnings, 1/1/2023 O $200,000. Benjamin Book Value $50,000. O $70,000. O $90,000. Victor Book Value $420,000 $170,000 $230,000 790,000 410.000 480,000 620,000 380,000 380,000 400,000 90,000 Victor Fair Value 70,000 30,000 120,000 80,000 Assume that Benjamin issued 10,000 shares of common stock with a $5 par value and a $40 fair value to obtain all of Victor's outstanding stock. In addition, Benjamin paid legal costs of $8,000 in connection with the acquisition and $4,000 in stock issue costs, which is not yet reflected in the information above. On its acquisition-date consolidated balance sheet, what amount should Beaver report as goodwill?Sailor Berhad acquired all the shares in Mon Berhad on 31 December 2022 for a cost of RM900,000. The statement of financial poistion of both companies for the year ended 31 December 20221 were as follows: Non-current assets Investment in Mon Berhad at cost Current assets Ordinary share Retained earnings Current liabilities Sailor Berhad RM'000 1,600 900 380 2,880 1,000 1,580 300 2,880 Mon Berhad RM'000 750 300 1,050 500 300 250 1,050 Required: Explain by way of calculation on how to prepare the consolidated statement of financial position for the group as at 31 December 2022.AAA Inc. Was merge into BBB Corp. in a combination properly accounted for as acq uisition of interest. Their condensed Statement of Financial Position before the combination show: ВBB Cогр. 88,000 420,000 1,119,600 1,040,000 260,000 171,600 AAA Inc. Cash Accounts Receivable, net Inventory Property Plant and Equipment Patent Accounts Payable Mortgage Payable Capital Stock, par P100 Share Premium Retained Earnings 88,000 500,000 1,700,000 4,654,000 1,000,000 1,704,000 2,600,000 390,000 1,248,000 1,300,000 390,000 1,066,000 As per independent appraiser's report, BBB's assets have fair market value of P1,653,600 for current assets, P1,248,000 for plant and equipment and P338,000 for patents. BBB's liabilities are properly valued. AAA. purchases BBB's net asset for P4,000,000. Compute for the consolidated asset after acquisition.
- Requirements 1. How much is the consolidated net income for 2022? 2. How much is the consolidated net income for 2023? 3. Using the proportionate method, how much is the non-controlling interest as December 31, 2023? Philippians Company purchased 60% of Seth Company on January 2, 2022 for P3,930,000 when Seth's book, value was P6,300,000. On that day, the market value of the net assets of Seth equaled their book values. with the following exceptions: Buildings Equipment Book value P1,850,000 300,000 Market value Remaining life P1,600,000 20 years 500,000 10 years Seth Company reported the following for 2022 and 2023: Net income (loss) Dividends P.750,000 150,000 2022 2023 P100,000 50,000AAA Inc. Was merge into BBB Corp. in a combination properly accounted for as acquisition of interest. Their condensed Statement of Financial Position before the combination show: AAA Inc. ВBB Coгp. Cash 88,000 88,000 Accounts Receivable, net Inventory Property Plant and Equipment Patent 500,000 420,000 1,700,000 1,119,600 4,654,000 1,040,000 260,000 Accounts Payable Mortgage Payable Capital Stock, par P100 1,000,000 1,704,000 171,600 1,300,000 390,000 1,066,000 2,600,000 Share Premium 390,000 1,248,000 Retained Earnings As per independent appraiser's report, BBB's assets have fair market value of P1,653,600 for current assets, P1,248,000 for plant and equipment and P338,000 for patents. BBB's liabilities are properly valued. AAA purchases BBB's net asset for P4,000,000. Compute for the consolidated asset after acquisition. Your answerCheerleader Company held 80% of the common stock of Bad Dog Inc. and 40% of this Rock's convertiblebonds. The following consolidated financial statements were for 2021 and 2022. 2021 2022 Revenues Cost of Goods Sold Depreciation & Amortization Gain on Sale of Building Interest Expense Non Controlling Interest Net Income to Controlling Interest 1,064,000 (714,000) (126,000) 0 (42,000) (12,600) 169,400 1,232,000 (756,000) (140,000) 28,000 (42,000) (15,400) 306,600 Retained Earnings (1/1/2022) Net Income (above) Dividends Paid Retained Earnings (31/12/2022) 420,000 169,400 (70,000) 519,400 519,400 306,600 (140,000) 686,000 Cash Accounts Receivable Inventory Buildings & Equipment (net) Database Total Assets 112,000 210,000 280,000 896,000 210,000 1,708,000 196,000 196,000 476,000 966,000 203,000 2,037,000 Accounts Payable Bonds Payable Non-Controlling Interest in Brewer Inc. Common Stock Additional Paid-In Capital Retained Earnings (above) Total…
- 1. Given below are the consolidated statements of financial position and the consolidated statement of comprehensive income for Pelangi Berhad and its subsidiary Mentari Berhad: Consolidated Statement of Financial Position as at 31 December 2020 2019 RM'000 RM'000 Property, plant and equipment 1,350 1,300 Investment in associates company 1,000 900 Inventory 900 500 Trade receivables 500 700 Bank 300 150 4,050 3,550 Ordinary shares of RM1 each 2,500 2,500 Retained profits 560 260 Non-controlling interest 590 490 Trade payables 400 300 4,050 3,550 Consolidated Statement of Comprehensive Income for the year ended 31 December 2020 2020 RM'000 Profit 495 Share of profits of associate company (less impairment of goodwill) 130 Profit before tax 625 Тах (50) Profit after tax 575 Profit after tax attributable to: Equity holders of parent company 425 Non-controlling interest 150 575 Additional information: i. Tax charge for the year has been paid. ii. Group depreciation on property, plant and…White Bright Limited has three subsidiary Companies as on 31st March, 2018. Based upon the information given in the following, ascertain how the Cost of Investment will be treated in the Consolidated Balance Sheet. Particulars Amount in Millions Hazy Limited Clear Limited Sun Limited Investment made 205.00 117.00 145.00 Percent of Shares Owned 60% 65% 75% Assets at the time of Investment 625.40 314.84 443.75 Liabilities at the time of Investment 260.44 134.84 329.55 don't give hand written answers plzYou're given the following details of an acquisition of Target Co. by Acquirer Ltd.. What is the transaction value for this acquisition of Target Co.? Acquisition of Target Co. by Acquirer Ltd. Target Share Price ($/sh.) $85.40 Acquisition Premium 15% Diluted Shares Outstanding (MM) 670 Target Total Debt Target Cash and Cash Equivalents % Debt Financing % Equity Financing Equity Financing Fees Debt Financing Fees Other Transaction Costs $3,562 $5,147 40% 60% 4.0% 1.5% $800
- On 1/1/2020, X Company acquired 100% of Y Company's Net assets for $150,000 cash. The Book value of Y's Net assets was equal to the fair value of Y Company's net assets at the date of acquisition except for Land (included in fixed assets) its market value was less than the book value by $1,000, the balance sheet data at 1/1/2020, are as follows: item X co Y co cash 404,000 150,000 Fixed assets 100,000 66,000 Liabilities 144,000 72,000 Common stock 120,000 60,000 Retained earning 240,000 84,000 required: if the acquisition are merger record the journal entries and prepare x balance sheet after the mergerOn August 31, 2020, Southampton Co. acquired all of the common stock of Brighton Company, which became a division of Southampton Co. Brighton Company reported the followir statement of financial position at the time of the acquisition: Brighton Company Statement of Financial Position Assets Equity and Liabilities Share capital- Plant assets (ne t) $1,350,000 $1,150,000 ordinary 235,000 Retained earnings Inventory Receivables 1,070,000 587.000 800,000 Accounts payable Cash 422.000 Total assets $2.807.000 Total equity and liabilities $2.807.000 An appraisal indicated that the fair value of the inventory was $372,000 and the fair value of the plant assets was $1,550,000. The agreed purchase price was $3,600,000, and this amount was paid in cash to the previous owners of Brighton Company. Required: a. Prepare the entry to record the purchase of Brighton Company. b. Assume that the carrying amount of Brighton Company division's net assets, including goodwill is $2.550,000. The recoverable…Required information A Clarke Corporation subsidiary buys marketable equity securities and inventory on April 1, 2017, for 100,000 won each. It pays for both items on June 1, 2017, and they are still on hand at year-end. Inventory is carried at cost under the lower-of-cost-or-net realizable rule. Currency exchange rates for 1 won follow: $ 0.45 January 1, 2017 April 1, 2017 June 1, 2017 December 31, 2017 =1 won 0.46 =1 0.47 =D1 0.49 =1