Pristine Ltd. purchased 100% of the voting shares of Serene Ltd. for $1,500,000 on October 1, 20X6.
Question:
Pristine Ltd. purchased 100% of the voting shares of Serene Ltd. for $1,500,000 on October 1, 20X6. The SFP of Serene Ltd. at that date was as follows:
Required
Provide the eliminations and adjustments required at the date of acquisition that are necessary to prepare the consolidated SFP of Pristine Ltd. on Oct. 1, 20X6.
Transcribed Image Text:
Serene Ltd. Statement of Financial Position October 1, 20X6 Fair value Net carrying value $ 330,000 Cash $330,000 Receivables 390,000 350,000 580,000 770,000 Inventory 900,000 Capital assets (net) 200,000,ו $2,500,000 $ 350,000 Current liabilities 380,000 Long-term liability 690,000 690,000 Common shares 360,000 Retained earnings 1,100,000 $2,500,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 36% (11 reviews)
Measure not required 100 Purchase of the net assets of Serene Ltd October 1 20X6 Purchase price 1500...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Advanced Financial Accounting
ISBN: 978-0132928939
7th edition
Authors: Thomas H. Beechy, V. Umashanker Trivedi, Kenneth E. MacAulay
Question Posted:
Students also viewed these Business questions
-
Poseidon Ltd. (P Ltd.) bought 80% of the voting shares of Submarine Ltd. (S Ltd.) for $470,000 at January 1, 20X5. S Ltd. had the following statement of financial position at that date: The bonds on...
-
South Ltd. acquired 100% of the voting shares of North Ltd. In exchange, South Ltd. issued 50,000 common shares, with a market value of $ 10 per share, to the common shareholders of North Ltd. Both...
-
Parch Ltd. purchased 100% of the voting shares of Subbet Ltd. for $ 1,400,000 on October 1, 20X6. The SFP of Subbet Ltd. at that date was: Required What are the eliminations and adjustments required...
-
Qualitative data can be graphically represented by using a : Line graph Frequency polygon Bar diagram Ogives
-
Give another example of a 2 2 doubly stochastic matrix. (a) Is your matrix symmetric; that is, does it equal its own transpose? (b) Prove that every 2 2 doubly stochastic matrix is symmetric?
-
NaHCO3 decomposes when exposed to heat: 2NaHCO3(s) ( Na2CO3(s) + CO2(g) + H2O() H = 91.5 kJ What mass of NaHCO3 is decomposed by 256 kJ?
-
Figure 26.8 shows that the thermal conductivity of \(\mathrm{S} 3\) and \(\mathrm{S} 4\) increased by \(30.25 \%\) and \(111.37 \%\) by adding \(5 \mathrm{wt} \%\) and \(10 \mathrm{wt} \%\) of silver...
-
Assume currently the price of a stock is $20 and a bank sold 100,000 call options on this stock with a strike price of $15. The bank wants to use delta hedging to protect itself. The price changes...
-
How modern managerial accounting practices help companies grow Companies can find new ways to grow through forward-looking managerial accounting approaches. Improving business performance and...
-
Shep Companys records show the following information for the current year. Determine net income (loss) for each of the following separate situations. a. Additional common stock of $3,000 was issued...
-
Amber Corporation (Amber), a public corporation, has concluded negotiations with Beryl Corporation (Beryl) for the purchase of all of Beryl's net assets at fair value, effective January 1, 20X7. An...
-
On December 31, 20X6, Profound Limited acquired 100% of the outstanding voting shares of Subtle Limited for $2.2 million in cash. The statements of financial position of Profound and Subtle and the...
-
In a balanced three-phase wye-wye system, the source is an abc-sequence set of voltages and Van = 120 <40o V rms. If the a-phase line current and line impedance are known to be A rms and ,...
-
Simplify the expression below. Give your answer in standard form. -18a'b+9ab2-63ab 9ab
-
In its first year of operation, Allinol Inc. planned and manufactured a total of 300,000 units of its product. The company incurred $5 per unit produced in variable manufacturing costs, as well as $2...
-
You are handed a 500.0 mL volumetric flask of aqueous monoprotic acid, HX, where X is a polyatomic ion. You are only told that the solution was prepared using 1.98 mL pure HX (d = 1.09 g/mL) and...
-
If a company has total sales of forty six thousand dollars in 2023 and total sales of nine thousand in 2022, how would an analyst calculate the horizontal analysis in dollars?
-
1. A uniform semicircular sign 2.25 m in diameter and a weight of 425 N is supported by two wires. What is the tension in each of the wires supporting the sign? 0.08 1.75m 0.5m Lu Lu's Boutique
-
Let f(x) = xe 2x . a. Find the values of x for which the slope of the curve y = f(x) is 0. b. Explain the meaning of your answer to part (a) in terms of the graph of f.
-
Derive Eq. (18.33) from Eq. (18.32).
-
Groft Company purchased Strobe Companys net assets and assigned them to four separate reporting units. Total goodwill of $186,000 is assigned to the reporting units as indicated: Required Determine...
-
Groft Company purchased Strobe Companys net assets and assigned them to four separate reporting units. Total goodwill of $186,000 is assigned to the reporting units as indicated: Required Determine...
-
Groft Company purchased Strobe Companys net assets and assigned them to four separate reporting units. Total goodwill of $186,000 is assigned to the reporting units as indicated: Required Determine...
-
1. How does marketing create value, and how do firms become more value driven? 2. Describe a firm's stakeholders and how they are impacted by conscious marketing.
-
Beginning inventory 100 units @ $8.00 = $ 800 Purchase # 1 200 units @ $6.00 = 1,200 Purchase # 2 100 units @ $12.00 = 1,200 Total 400 units $3,200 Ending inventory is 150 units. 1. What is cost of...
-
Sam's Ice Creams, a cottage country favourite in Northern Ontario, has launched a new range of ice creams branded as "Summer Flavours." To capitalize on the cottage and tourism season from May to...
Study smarter with the SolutionInn App