JJJ Inc. purchased 35% of ABC Co. on January 4, 2011, for $280,000 when ABC's book value
Question:
JJJ Inc. purchased 35% of ABC Co. on January 4, 2011, for $280,000 when ABC's book value was $810,000. On that day, the fair value of the net assets of ABC equaled their book values with the following exceptions:
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The equipment has a remaining useful life of 10 years, and the building has a remaining useful life of 20 years. ABC reported the following related to operations for 2011 and 2012:
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Instructions:
Provide the entries made by JJJ Inc. relating to its investment in ABC for the years 2011 and2012.
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Step by Step Answer:
Preliminary Computations Book value of ABC 810000 Percentage purchased by JJJ 035 JJJs percentage of book value 283500 Price paid by JJJ 280000 Differ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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