Dividends paid 200,000 100,000 What does Hamilton's investment in Tommy account show on December 31, 2015 when the Equity method is applied? A) $500,000 B) $650,000 C) $625,000 D) $750,000 13. For purposes of testing goodwill impairment, the appropriate level of testing is at the: A) Consolidated entity level B) Operating unit level C) Subsidiary company level D) Reporting unit level
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- Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). Open the file EPS from the website for this book at cengagebrain.com. Enter all input items (AF) in the appropriate cells in the Data Section. Enter all formulas in the appropriate cells in the Answer Section. Enter your name in cell A1. Save the completed file as EPS2. Print the worksheet when done. Also print your formulas. Check figure: Basic earnings per share from continuing operations (cell D29), 5.94.Ponce Towers, Inc., had 50,000 shares of common stock and 10,000 shares of 100 par value, 8% preferred stock outstanding on January 1, 2011. Each share of preferred stock is convertible into four shares of common stock. The stock has not been converted. During the year, Ponce Towers issued additional shares of common stock as follows: For 2011, Ponce Towers, Inc., had income from continuing operations of 545,000 and a 72,000 loss from discontinued operations (net of tax). As vice president of finance for the firm, you have been asked to calculate earnings per share for 2011. The worksheet EPS has been provided to assist you.. Min Hyun Jing Ltd. purchased 21,600 common shares of Glastone Ltd. on January 1, 2018, when the market price was $27.50 per share. This gave Min Hyun Jing 12% of the shares issued by Glastone Ltd. Min Hyun Jing Ltd. has a December 31 year end. For the year ended December 31, 2018, Glastone reported net income of $260,000 and declared dividends of $1.10 per share on December 31. The trading price of Glastone’s shares on that date was $31.20. For the year ended December 31, 2019. Glastone reported net income of $280,000 and declared dividends of $1.15 per share on December 31. The trading price of Glastone’s shares on December 31 was 34.60. Min Hyun Jing Ltd. purchased an additional 20,000 common shares on this date. For the year ended December 31, 2020, Glastone reported a net loss of $80,000, but still declared dividends on December 31, in the amount of $0.75 per share. The trading price of Glastone’s shares on December 31, 2019 was $30.50 per share. For the year ended…
- On January 1, 2015, Port Company acquires 8,000 shares of Solvo Company by issuing 10,000 of its common stock shares with a par value of $10 per share and a fair value of $70 per share. The price paid reflects a control premium. The market value of the shares owned by the NCI is $80 per share. At the time of the purchase, Solvo has the following balance sheet:Appraisals indicate that book values are representative of fair values with the exception of the land and building. The land has a fair value of $180,000, and the building is appraised at $450,000. The building has an estimated remaining life of 20 years. Any remaining excess is goodwill.The following summary of Solvo’s retained earnings applies to 2015 and 2016:Balance, January 1, 2015. . . . . . . . . . . . . . . . . . . $250,000Net income for 2015. . . . . . . . . . . . . . . . . . . . . 60,000Dividends paid in 2015. . . . . . . . . . . . . . . . . . . (10,000)Balance, December 31, 2015 . . . . . . . . . . . . . . . $300,000Net…Gaddy Company has 50,000 ordinary shares authorized with P10 par value. The following transactions took place during 2015, the first year of the entity's existence:• Sold 5,000 ordinary shares for P18 per share.• Issued 5,000 ordinary shares in exchange for a patent valued at P100,000.What is the total contributed capital at year-end? A. 40,000 B. 90,000 C. 100,000 D. 190,000Doffy Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2020, the retained earnings amounted to P 3,000,000.In March 2016, the entity reacquired 50,000 treasury shares at P 20 per share. In June 2020, the entity sold 10,000 of these shares to corporate officers for P25 per share. The entity used the cost method to record treasury shares.Net income for the year ended December 31, 2020 was P600,000. What amount should be reported as unappropriated retained earnings at year-end?
- Doffy Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2020, the retained earnings amounted to P 3,000,000.In March 2016, the entity reacquired 50,000 treasury shares at P 20 per share. In June 2020, the entity sold 10,000 of these shares to corporate officers for P25 per share. The entity used the cost method to record treasury shares.Net income for the year ended December 31, 2020 was P600,000. a. What is the total amount of retained earnings at year-end?Doffy Company issued 200,000 shares of P5 par value at P10 per share. On January 1, 2020, the retained earnings amounted to P 3,000,000. In March 2016, the entity reacquired 50,000 treasury shares at P 20 per share. In June 2020, the entity sold 10,000 of these shares to corporate officers for P25 per share. The entity used the cost method to record treasury shares. Net income for the year ended December 31, 2020 was P600,000. a. What is the total amount of retained earnings at year-end? a. 4,400,000 b. 2,200,000 c. 3,600,000 d. 3,400,000 b. What amount should be reported as unappropriated retained earnings at year-end? a. 3,600,000 b. 3,650,000 c. 3,750,000 d. 2,800,000Key Company purchased 800 shares of Franklin Company stock at a total cost of $ 7,560 on 2010 July 1. At the end of the accounting year (2010 December 31), the market value for these shares was $ 7,360. By 2011 December 31, the market value had risen to $ 7,770. This stock is the only marketable equity security that Key Company owns. The company classifies the securities as available for sale securities. Give the entries necessary at the date of purchase and at 2010 December 31, and 2011.
- On April 1, 2018, Gangnam Company purchased 25,000 ordinary shares of Psy Inc. at an amount that reflected book value as of that date. At the time of purchase, Psy Inc. had 100,000 ordinary shares outstanding. Gangnam had no ownership interest in Wings before the purchase. The first quarter statement ending March 31, 2018, of Psy Inc. had a profit of P480,000. For the year ended December 31, 2018, Psy Inc. reported a profit of P2,400,000. Psy Inc. paid Ganam dividends of P60,000 on June 1 and P80,000 on December 31, 2018. The carrying amount of the investment in Psy Inc. on December 31, 2018, is P4,840,000. What was Chicken Company’s acquisition cost of its investment in Wings Company on April 1, 2018?On July 1, 2014, Pipe Corporation issued 23,000 shares of its own $2 par value common stock for 40,000 shares of the outstanding stock of Sector Inc. in an acquisition. Pipe common stock at July 1, 2014 was selling at $16 per share. Just before the business combination, balance sheet information of the two corporations was as follows: Required:1. Prepare the journal entry on Pipe Corporation's books to account for the investment in Sector Inc.2. Prepare a consolidated balance sheet for Pipe Corporation and Subsidiary immediately after the business combination.On June 30, 2015, MetroMedia, Inc., purchased 10,000 shares of Mitek stock for $20 per share.The following information pertains to the fair value of Mitek stock:Per Share12/31/2015 $2412/31/2016 31Required:Assume that management considers the stock to be available-for-sale securities. Prepare the journal entries required on each date given.