1 On 1 April 20X6 lota purchased all the equity capital of Kappa, and Kappa became...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1 On 1 April 20X6 lota purchased all the equity capital of Kappa, and Kappa became a subsidiary from that date. Kappa sells a branded product that has a well-known name and the directors of lota have obtained evidence that the fair value of this name is $20 million and that it has a useful economic life that is expected to be indefinite. The value of the brand name is not included in the statement of financial position of Kappa, as the directors of Kappa do not consider that it satisfies the recognition criteria of IAS 38 for internally developed intangible assets. However, the directors of Kappa have taken legal steps to ensure that no other entities can use the brand name. 1 On 1 April 20X6 lota purchased all the equity capital of Kappa, and Kappa became a subsidiary from that date. Kappa sells a branded product that has a well-known name and the directors of lota have obtained evidence that the fair value of this name is $20 million and that it has a useful economic life that is expected to be indefinite. The value of the brand name is not included in the statement of financial position of Kappa, as the directors of Kappa do not consider that it satisfies the recognition criteria of IAS 38 for internally developed intangible assets. However, the directors of Kappa have taken legal steps to ensure that no other entities can use the brand name.
Expert Answer:
Answer rating: 100% (QA)
Fusion 136 million and Spine 30 million The fair value of the net assets at 1 December 20X3 was Larg... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
Students also viewed these accounting questions
-
The consolidated statement of financial position for MIC as at 31 March 2009 and its comparative for 2008 are shown below: The consolidated income statement for MIC for the year ended 31 March 2009...
-
Tesco (GBR) reported inventory in its statement of financial position as follows: Inventories..............................2,430,000,000 What additional disclosures might be necessary to present the...
-
Prepare J. Magee's statement of financial position (vertical format as utilized in the chapter) as at 31 December 20X3 from the following: You have to determine J. Magee's equity capital balance....
-
On January 1, 2011, M Company granted 98,000 stock options to certain executives. The options are exercisable no sooner than December 31, 2013 and expire on January 1, 2017. Each option can be...
-
Despite Australia adopting IFRSs issued by the IASB, the Australian Accounting Standards Board (AASB) has not adopted the International Financial Reporting Standard for Small and Medium-sized...
-
-double spending -String category, -String userld -String fileName -LocalDate day 1 CurrentMonth +getFileName(String userld): String +addSpending (String category, double spending, String fileName):...
-
Match each of the blockchain terms, 1 through 7, with the most appropriate definition, choosing from items a through \(g\). Definitions a. b. C. - Allows for automation of external transactions...
-
MyPhone Inc. uses the total cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling 5,000 units of cellular phones are as follows: MyPhone desires a...
-
Data: https://docs.google.com/spreadsheets/d/1doVB7flHFX-zSCEQJcY4mx73avy195QpSMp1CmvipDs/edit?usp=sharing (Copy to excel to .csv) The NFL is concerned with television viewership and is considering...
-
The following information is from the unadjusted trial balance for Journeys End Company prepared at October 31, 2023, the end of the fiscal year: Rent and salaries expense are equally divided between...
-
A sole proprietor provides legal services to over 40 clients. These clients provided a 1099-misc to the sole proprietor at the end of the year. The sole proprietor can claim tax deductions for a...
-
Tuition for one semester at CLU in Kansas is given in the applet above (and the table below) for academic years from 2008-09 to 2018-19. Complete the table by calculating the change and percent...
-
For each of the following 8-bit operations, calculate the values of the C, Z, V, and N flags. Assume 2'c complement signed integers (a) 1110_1001+1111_1001 (b) 1111 1111 +0100_0001 (c) 0110 1100...
-
Which conflict-resolution techniques might a manager use to control the level of conflict that has become dysfunctional? Authoritative command and roughing Expansion of resources and confrontation...
-
Analyze your( in a rehab center )for AOD AND MENTAL ISSUE workplace/work placement in terms of how the service recognizes and responds to clients who have/may have experienced trauma. The following...
-
(a) Describe how to extend the Aho-Corasick algorithm presented in class to work when one pattern can occur as a prefix of another pattern, but not as an arbitrary substring of it. For example, the...
-
Morton Company uses the periodic inventory method. The company's 20XX inventory information is as follows: 1/1 Beginning Inventory 100 $4 $ 400 2/20 Purchase 400 $5 $ 2,000 7/25 Purchase 200 $7 $...
-
You are standing on the top of a building and throw a ball vertically upward. After 2 seconds, the ball passes you on the way down, and 2 seconds after that, it hits the ground below. a. What is the...
-
Required: Refer to the facts in Problem 10-8. Repeat requirements 2 through 5 using the cost model (as opposed to the revaluation model) under IFRS.
-
Founded in 1989, Brio Software, Inc., helps Global 3000 companies improve business performance by creating new value from existing information systems and, ultimately, aligning everyone in the...
-
On January 1, 2014, Railcar Leasing Inc. (the lessor) purchased 10 used boxcars from Rail- road Equipment Consolidators at a price of $8,345,640. Railcar leased the boxcars to the Reading Railroad...
-
Assume that a manufacturing company is determining the optimal minimum level of cash to maintain in a financial institution to cover short-term needs. Separately consider each of the following...
-
Prior to the Tax Cuts and Jobs Act of 2018 (TCJA), multinational firms domiciled in the United States did not have to pay U.S. income taxes on foreign earnings, unless those earnings were returned...
-
Lake Company has the following shares outstanding: 20,000 shares of \(\$ 50\) par value, five percent cumulative preferred stock and 80,000 shares of \(\$ 10\) par value common stock. The company...
Study smarter with the SolutionInn App