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modern advanced accounting

Advanced Accounting 3rd Edition Susan S. Hamlen - Solutions

Krispy Kreme Doughnuts, Inc. has franchises operating outside the U.S. and invests in derivatives to hedge its foreign currency risk. Although it tries to hedge its various positions, on December 16, 2016, Krispy Kreme finds itself with the following unhedged forward contracts: Agreement to
On January 1, 2016, Safetyway Group,a LO1 U.S. company, formed a Swiss subsidiary, TEurope AG. The subsidiary issued all of its currently outstanding common stock on that date. Selected accounts from its balance sheets on December 31, 2016 and 2017, all of which are shown in Swiss francs (CHF), are
Pennymarkets Corporation, a U.S. firm, acquired Super-Valu, on January 1, 2016. Super-Valu is a Swedish company that has been in existence for several years, and whose functional currency is the U.S. dollar. Comparative account balances for January 1 and December 31, 2016, appear below, measured in
Costless Group has a subsidiary in France, ABC Stores. ABC Stores’ beginning and ending trial balances, in its functional currency, the euro, are below.Additional information (in thousands):1. Plant assets costing €1,520,000 were acquired on July 6, when the exchange rate was \($1.30/€.\)2.
Suppose that on January 1, 2017, La-Z-Boy Inc. established a subsidiary in Ireland, La-Z-Boy Ireland, to design, manufacture and distribute specialized furniture in the European market. Its condensed balance sheet at January 1, 2017, in euros, is below (in thousands).At December 31, 2017, La-Z-Boy
Costsave Corporation, a U'S. company, acquired Denner, a discount supermarket chain in Switzerland, on J anuary 1, 2017. Denner is a subsidiary of Costsave, and its results are consolidated with those of Costsave in Costsave’s financial statements.Denner’s trial balances for January 1 and
Comparative balance sheets and the intervening statement of income for Sears Canada Inc. appear below. Sears Canada is a subsidiary of Sears Holdings Corporation, a U.S. corporation. All amounts are in Canadian dollars.Sears Canada declared and paid dividends of \($465\) million during fiscal 2014.
Grupo Comercial Chedraui is a food retailer headquartered in Mexico. While it has several subsidiaries, only one is located outside of Mexico. Bodega Latina Co. is a chain of self-service stores located in the U.S. Chedraui's consolidated accounts are reported in Mexican pesos (Mex\($).\)
On January 1, 2016, the U.K. subsidiary of U.S. International Corporation had the following condensed balance sheet, in pounds sterling (in millions):The exchange rate on January 1, 2016 was \($2/£.\) Inventory and plant assets at January 1 were acquired when the exchange rate was \($1.80/£.\)
StopnShop was organized in Hong Kong on January 1, 2017, with a capital stock issue that yielded HK\($100\) million. The exchange rate at that date was \($0.10/HKS.\) Transactions for 2017 and the relevant exchange rates are shown below. The average exchange rate for 2017 was \($0.12/HKS,\) and the
On January 1, 2017, the Phillips Company acquired all of the outstanding shares of Standard, Ltd., a U.K. firm, for £8,000,000 in cash. At the end of 2017, the two companies presented the condensed financial statements below.At date of acquisition, the exchange rate was \($2/£.\) Standard’s
A subsidiary of a U.S. company began operations on January 1, 2017, in a country whose currency is identified as hyperinflationary. The subsidiary’s local currency (LC) is its functional currency. The subsidiary’s trial balances as of the beginning and end of 2017, in LC, are as follows (in
Kreeger Group is a U.S. retailer with subsidiaries in several countries. One of its subsidiaries, Organic Unlimited, is headquartered in the U.K. but does most of its business in euro markets. The subsidiary was acquired on January 1, 2016. It is now December 31, 2016, and the subsidiary's
On February 1, 2016, Pathway Inc., a U.S. company, acquired all of the outstanding shares of Super-barn Supermarkets, an Australian chain, for A\($100\) million in cash. Superbarn’s assets and liabilities were reported at amounts approximating fair value, but it had previously unrecorded
Shopwell is a U.K. grocery chain that is a subsidiary of Premium Products, a U.S. company. Premium's fiscal year ends January 31. On February 1, 2015, Shopwell's inventory balance consisted of 100,000 purchased when the exchange rate was \($1.60/,\) and 300,000 purchased when the exchange rate was
Asda is a U.K. supermarket chain that is a subsidiary of Wal-Mart Inc., a U.S. company. Wal-Mart's fiscal year ends January 31. On Feb- ruary 1, 2015, Asda reports facilities with original cost of 30 million and accumulated depreciation of 15 million in its noncurrent assets, as follows: Buildings
U.S. Industries has a subsidiary in Switzerland. The subsidiary's financial statements are maintained in Swiss francs (CHF). Exchange rates (\($/CHF)\) for selected dates are as follows:The following items appear in the subsidiary’s trial balance at December 31, 2017:1. Cash in bank,
Asda is a British supermarket chain owned by Wal-Mart Stores, Inc. Assume that the following data relate to Asda's activities for 2017 (in millions)..Exchange rates (\($/£)\) during 2017 are:Requireda. Assuming Asda’s functional currency is the U.S. dollar, prepare a schedule to compute the
Massmart Holdings Ltd. is a South African subsidiary of Wal-Mart Inc., selling high volume, low margin branded consumer goods to customers in twelve countries in Africa. Massmart's accounts are reported in South African rands (R). Assume that the following data relate to Massmart's activities for
On January 2, 2016, Maddox Corporation, headquartered in the U.S., established a wholly-owned subsidiary in Mexico City. An initial investment of \($1,000,000\) was made on that date; the exchange rate was \($0.10/peso.\) During 2016, the following cash transactions occurred at the Mexico City
Oliver Corporation decided on January 1, 2017, that its Canadian subsidiary's functional currency is the Canadian dollar rather than the U.S. dollar. On that date, the net assets of its Canadian subsidiary amounted to C\($20,000,000\) and to \($15,000,000\) when remeasured; the exchange rate was
The Thode Company established a wholly-owned subsidiary in Saudi Arabia on January 1, 2016, when the exchange rate was \($0.30/riyal\) (SAR). Of Thode's initial SAR200,000,000 investment, SAR 100,000,000 was used to acquire plant assets (ten-year life) and SAR50,000,000 was used to acquire
Herbalife Ltd: has a subsidiary in Spain, Herbalife International Espafia, S.A., whose functional currency is the euro. Relevant translated data for the subsidiary appear below.Requireda. Calculate return on assets for 2017 and 2018 using both translated (\($)\) and euro data.b. Explain whether
Carrefour S.A. is a global retailer headquartered in France. Carrefour has a subsidiary in Hong Kong, Carrefour Asia Ltd., which operates retail stores in Asia. Assume that Carrefour Asia Ltd. has a positive equity balance, and its monetary assets exceed its monetary liabilities. The euro has
The Luh Company's 2017 cash flow statement appears below, in its functional currency, New Taiwan dollars (NT\($).Additional information:1. Exchange rates: January 1, 2017: \($0.042/NT$;\) December 31, 2017: \($0.039/NT$;\) 2017 average:\($0.04/NT$.\)2. Changes in current operating assets and
Fairview Corporation, a U.S. company, has a wholly-owned subsidiary in Mexico. The subsidiary's functional currency is the Mexican peso, and translation to U.S. dollars is appropriate. The subsidiary was acquired for \($18,000,000.\) The balance sheet of the subsidiary on the date of acquisition is
On September 10, 2017, the Globe Trading Company invested \($3,000,000\) to establish a small sales subsidiary in Lima, Peru. The subsidiary converted \($3,000,000\) into 10,000,000 new sols (S/) and opened a bank account in Lima. At December 31, 2017, the subsidiary reports the following trial
Consider two companies with subsidiaries in Venezuela, a country that has been identified as hyperinflationary. U.S. Mart’s reporting currency is the U.S. dollar, and it uses U.S. GAAP to consolidate its Venezuelan subsidiary. Euro Mart’s presentation currency is the euro, and it uses IFRS to
Sunny Valley Resort has owned 80 percent of Mountain Lodging, Inc. since Mountain Lodging's inception. The condensed consolidated balance sheets of Sunny Valley Resort at December 31, 2017 and 2016 and other relevant information follow:Additional information for 2017 (in thousands):\)1.
Plaza Hotels acquired a 90 percent interest in Stardust Casinos on January 1, 2017 for \($51,100,000.\) The fair value of the 10 percent noncontrolling interest at the date of acquisition was \($2,900,000.\) Stardust's date-of- acquisition reported net assets were carried at amounts approximating
A German subsidiary of a U.S. parent reports its accounts in euros. Its functional currency, however, is the Swedish krona. You are responsible for changing the subsidiary’s accounts into U.S. dollars in preparation for consolidation. Which statement is true regarding this procedure?a. Remeasure
At the end of 2017, an Italian subsidiary of a U.S. parent reports €1,000,000 in equipment purchased when the exchange rate was \($1.40,\) and €3,000,000 in equipment purchased when the exchange rate was \($1.50.\) The average exchange rate for 2017 is \($1.35,\) and the beginning and ending
Assume the subsidiary’s functional currency is the euro. What is the translation gain or loss for 2017?a. \($128,000\) lossb. \($134,000\) lossc. \($128,000\) gaind. \($134,000\) gain A USS. parent owns all of the stock of an Italian subsidiary. The subsidiary’s January 1 and
Assume the subsidiary’s functional currency is the U.S. dollar. What is the remeasurement gain or loss for 2017?a, \($162,000\) lossb. \($30,000\) lossc. \($162,000\) gaind. \($30,000\) gain A USS. parent owns all of the stock of an Italian subsidiary. The subsidiary’s January 1 and
A subsidiary’s accounts are measured in euros. Assume the leverage ratio is ending total liabilities divided by ending total assets. The current ratio is ending current assets divided by ending current liabilities. The subsidiary’s accounts must be converted to U.S. dollars for consolidation.
Assume the U.S. dollar has been steadily weakening with respect to the euro. Your client, a U.S. company with a subsidiary in Germany, wants to know the effect of the weakening dollar on its consolidated financial statements. The subsidiary’s functional currency is the euro. Which statement below
AUS. parent acquired its Singapore subsidiary at the beginning of 2017, for a price that is S\($10,000,000\) in excess of the subsidiary’s book value. The excess paid was attributable to goodwill, which has not been impaired in the past, but is impaired by S\($1,000,000\) in 2017. The
IFRS conversion of an international subsidiary's accounts to the parent's presentation currency is the same as U.S. GAAP for non-hyperinflationary functional currencies,a. with the exception that remeasurement gains and losses are reported in OCI.b. with the exception that translation gains and
Saucony Company, a wholly-owned subsidlary of Puma Company, purchased a tract of land from Puma in 2016 for \($4,000,000.\) Puma originally acquired the land for \($1,500,000\) and accounts for its investment in Saucony using the complete equity method.Requireda. Assuming that Saucony still owns
Source Sandals is a subsidiary of Pony Industries. In 2016, Pony purchased land from Source for \($8,000,000.\) Source had carried the land at \($3,400,000\) on its books, prior to the sale. Pony holds the land until 2020, when it sells it to an outside party for \($3,000,000.\)Requireda. Prepare
Sketchy Shoes is a subsidiary of Pacific Brands. Pacific routinely sells merchandise to Sketchy at a 25% markup on cost. Information on intercompany merchandise transactions is below (in thousands):Requireda. Prepare the working paper eliminating entries related to these intercompany transactions
Jimmitz Inc. is a subsidiary of Krocker Gear. Jimmitz sells shoe accessories to Krocker at a 20% markup on cost. Information on these intercompany merchandise transactions is below (in thousands):Requireda. Prepare the working paper eliminating entries related to these intercompany transactions at
On July 1, 2015, Pearl Industries sold administrative equipment with a book value of $600,000 to its subsidiary, Shiek Shoes, for $700,000. At the date of sale, the equipment had a remaining life of five years. It is being straight-line depreciated on Shiek's books. It is now December 31, 2017, the
Shiek Shoes sold an administrative building to its parent, Pearl Industries, on January 1, 2015, for \($8,000,000.\) At the time of sale, the building was carried on Shiek's books at original cost of \($10,000,000,\) with \($8,500,000\) of accumulated depreciation. At the date of sale, the building
Sessions Athletic Gear borrowed \($5,000,000\) from its parent, PF Consolidated Inc., at an interest rate of 5%. The loan was made on September 30, 2016, with interest due semiannually on March 31 and September 30 of each year, and principal due in 2020. PF's accounting year ends on December 31.
PF Consolidated Inc. provided consulting services to its subsidiary, Sessions Athletic Gear, during 2017. PF Consolidated charged \($6,000,000\) of travel, salary, overhead and supplies costs to its administrative expenses account, and charged Sessions \($9,000,000\) for the services. By December
In consolidation of Perpetual Industries and Sand Hill Company at December 31, 2017, you assemble the following data related to unconfirmed intercompany profits:The equipment is carried on the purchasing affiliate’s books at \($7,200,000\) with accumulated depreciation of \($3,600,000\)
Putnam Company owns 80 percent of Swaraj Company. The excess of acquisition cost over book value was attributed entirely to previously unrecorded identifiable intangibles. For 2017, Swaraj Company reported net income of \($7,000,000\) and declared and paid dividends of \($2,000,000.\) Appropriate
The following information relates to Brown Shoe Company and its 51 percent-owned subsidiary, B&H Footwear, for fiscal 2016 (in thousands).Requireda. Brown Shoe uses the complete equity method to account for its investment in B&H on its own books. Prepare a schedule calculating equity in net
Prance Athleticwear Company owns all of the voting stock of Stallion Shoes. Acquisition cost was \($7\) million in excess of Stallion’s book value of \($3\) million, and the excess was attributed to indefinite lived identifiable intangibles of \($2\) million, and \($5\) million of goodwill. As of
Paymore Shoes acquired 80 percent of the voting stock of Spire Footwear on February 1, 2014, for \($21\) million. The fair value of the noncontrolling interest at the acquisition date was \($3\) million. The excess of Spire’s fair value over its \($4\) million book value was attributed to limited
Pacific Athletic Corporation owns all of the voting stock of Solovair Apparel. Acquisition cost was \($10\) million in excess of Solovair’s book value of \($2\) million, and the excess was attributed entirely to goodwill. As of the beginning of the current year, goodwill impairment is \($4\)
Peninsula Industries and Seaport Company, a 90 percent owned subsidiary, engage in extensive intercompany transactions involving raw materials, component parts, and completed products. Peninsula acquired its interest in Seaport several years ago, at a cost of \($3,000,000.\) At that time,
Kellogg Company (Kellogg's) acquired 75 percent of the outstanding stock of Wholesome & Hearty Foods ("Wholesome") at the end of 2007, for cash and stock totaling \($120\) million. Wholesome's assets and liabilities were fairly reported at the date of acquisition, except for these
Placer Industries acquired 80 percent of SAS Shoes several years ago. Placer and SAS have made several intercompany transfers of depreciable assets over the years. Details are below. On June 30, 2012, Placer sold equipment with an original cost of \($150,000\) and accumulated deprecia- tion of
Several years ago Puma Athletics acquired all of the outstanding stock of Serengeti Footwear. The acquisition cost was \($40\) million in excess of Serengeti's book value of \($10\) million, attributed to indefinite lived brand names with a fair value of \($8\) million, and goodwill. The brand
On January 2, 2015, Pohang Company acquired 80 percent of Suro Corporation’s voting common stock for \($1.25\) billion. The fair value of the noncontrolling interest at the date of acquisition was \($300\) million. The \($50\) million excess of acquisition cost and noncontrolling interest over
Pierre Corporation acquired 75 percent of Selene Corporation's common stock for \($20,100,000\) on January 2, 2014. The estimated fair value of the noncontrolling interest was \($5,900,000.\) Selene's book value at date of acquisition was \($10,000,000,\) and its identifiable net assets were fairly
Pentland Shoe Company acquired 75 percent of Sketchers Inc.'s common stock on January 2, 2014 for \($180\) million. The fair value of the 25 percent noncontrolling interest was \($50\) million at the date of acquisition, and Sketchers' book value was \($20\) million. Sketchers' assets and
McDeer Equipment Company manufactures farm equipment. It has fifty co-owned dealership subsidiaries. McDeer owns 75 percent of each, and the local operator has a 25 percent equity interest. McDeer sells merchandise to the dealerships at a transfer price that reflects a 35 percent gross margin on
The annual report of Starbucks Corporation for the year ended September 29, 2013, included information on seven investments in which Starbucks generally held a 50 percent ownership interest. Thus these investments were not consolidated, but were reported as unconsolidated equity method investments.
Peco Athletics and its subsidiary, Stetson Footwear, engage in intercompany transactions, as follows: Peco sells merchandise to Stetson at a markup of 35% on cost. In 2015, Peco sold merchandise to Stetson, charging a total of \($16,875,000.\) Although Stetson did not have any merchandise purchased
Poplar Outdoor Corporation owns 60 percent of the voting stock of Sugg Australia. Date-of-acquisition information is as follows: Acquisition cost: \($39.5\) million Fair value of the noncontrolling interest: \($20.5\) million Sugg's book value: \($10\) million Value of unreported acquired
Pablo S.A. is a manufacturer of children's shoes, located in Spain. It owns 51 percent of the voting stock of Stabifoot, a specialty shoe manufacturer located in Belgium. Pablo acquired its interest in Stabifoot several years ago, and has consolidated Stabifoot in its financial statements since the
Adaris Group, headquartered in the UK, owns a 70 percent interest in Adaris Malaysia. The acquisition cost was ₤200 million. At the date of acquisition, 1 January 2012, Adaris Malaysia's book value was ₤60 million, and its identifiable net assets were carried at amounts approximating fair
On July 1, 2016, The Hershey Company acquired 75 percent of the common stock of Bagota Organic Chocolates. The \($1.2\) billion purchase price was paid in cash and newly-issued debt securities. The acquisition entry is reflected below in the two companies’ balance sheets just after the
Placer Company acquired a 75 percent interest in Summer Company for \($8,000,000\) in cash. The condensed balance sheets immediately prior to the acquisition are below:Additional information:1. In addition to the above cash cost, out-of-pocket merger-related costs of \($300,000\) were paid in
On January 1, 2016, Paxon Corporation acquired 90 percent of the outstanding common stock of Saxon Company for \($1,620\) million cash. The fair value of the 10 percent noncontrolling interest in Saxon was estimated to be \($180\) million at the date of acquisition. Paxon uses the complete equity
On January 1, 2007, Harrah's Entertainment, Inc. acquired a 70 percent interest in the company that owned Emerald Safari Resort for \($592\) million in cash and stock. Harrah's is now part of Caesar's Entertainment Corporation. Assume the following information at the date of acquisition (in
Puffin Industries acquired 90 percent of Sunset Coast Digital’s stock on January 1, 2014, for \($3,150,000.\) At that time, Sunset Coast’s stockholders’ equity totaled \($1,400,000,\) and the estimated fair value of the noncontrolling interest was \($350,000.\) Sunset Coast’s inventory
Bottling Company acquired a 75 percent interest in Regional Bottling Partnership on January |, 2008. Assume the following information related to this acquisition:The excess of fair value over book value at the acquisition date is attributed to previously unreported franchise rights valued at
Comparative consolidated balance sheets and the intervening income statement for Prime Casinos and its subsidiary Saratoga International Hotels are shown below:Additional information (in millions):1. Consolidated depreciation expense was \($250.\)2. During the year, plant assets of \($675\) were
Rendezvous Resorts is a Swiss company with an 80 percent interest in Monaco Hotels, located in France. Rendezvous acquired its interest in Monaco on January 1, 2015, for 4 billion. Monaco's book value at the date of acquisition was 1 billion. Monaco's balance sheet reported its assets and
Lily Bakeries, located in Belgium, specializes in biscuit and cake products. Lily owns 75 percent of Hearty Foods, a French company acquired on January 1, 2013, for cash and stock totaling €150 million. Hearty’s book value at the date of acquisition was €70 million. Its assets and liabilities
Mirror Resorts, Inc., a U.S. company, acquires an 80 percent interest in Silver Nugget Company on January 1, 2016, for \($80\) million cash. The estimated fair value of the 20 percent noncontrolling interest in Silver Nugget is \($18\) million. Silver Nugget’s book value at the date of
On January 1, 2016, Pine Mountain Resorts acquires a 60 percent interest in Shawnee Peak Enterprises for \($25.4\) million in cash. The date-of-acquisition fair value of the noncontrolling interest in Shawnee is estimated at \($11.6\) million. Shawnee’s book value at the date of acquisition is
In 2013, Verizon Communications Inc. owned 55 percent of Verizon Wireless, and the noncontrolling interest reported in Verizon’s financial statements is Vodafone Group Plc’s 45 percent interest in Verizon Wireless. In 2014, Verizon bought Vodafone’s 45 percent interest in Verizon Wireless,
Suzlon, a subsidiary of Patni, provides services to Patni. During 2016, Suzlon charged \($3,000,000\) for services provided to Patni. Cost of the services provided was \($2,100,000.\) How should the consolidated income statement report these services? a. Service revenue $3,000,000 Service expense
A parent makes an interest-bearing loan to its 90%-owned subsidiary in 2016, which is still outstanding in 2017. The eliminating entries (I) on the consolidation working paper for 2017, related to this loan,a. reduce investment in subsidiary by the amount of 2016’s interest revenue.b. reduce the
Petronet sells merchandise to its 80-percnet subsidiary Sonata at a markup of 20 percent on cost. During 2017, Petronet charges Sonata \($4,000,000\) for merchandise sales. Sonata’s 2017 beginning inventory contains \($540,000\) in merchandise purchased from Petronet. Sonata’s 2017 ending
Pentamedia owns 90 percent of Sesa. At the start of 2016, Sesa sold buildings carried at \($4,000,000\), net, to Pentamedia for \($6,000,000\). The buildings had a remaining life of 10 years and straight-line depreciation is used. Pentamedia uses the complete equity method to record its investment
A parent sells land costing \($35,000\) to a subsidiary in 2016 for \($55,000\). The subsidiary sells the land in 2018 to a third party for \($85,000\). On the consolidated income statement for 2018, the gain on sale of land should be reported at:a. $20,000b. $50,000c. $30,000d. $0
A subsidiary sells land costing \($1,000,000\) to its parent in 2014 for \($1,400,000\). The parent owns 80 percent of the subsidiary’s stock. In 2017, the parent sells the land to an outside party for \($550,000\). What eliminating entry (I) is required on the 2017 consolidation working paper?a
A subsidiary sells merchandise to its parent at a markup of 25% on cost. In 2017, the parent paid \($500,000\) for merchandise received from the subsidiary. By year-end 2017, the parent has sold \($400,000\) of the merchandise to outside customers for \($450,000\), but still holds the other
A parent sells \($30,000,000\) retail value of merchandise to its subsidiary during 2016. The subsidiary’s beginning inventory for 2016 contains \($1,000,000\) in merchandise purchased from the parent, including a markup of \($200,000\). The subsidiary’s ending inventory for 2016 contains
At the beginning of 2015, a parent company sold a patent, carried on its books at \($4,000,000\), to its subsidiary for \($3,000,000\). The patent had a remaining life of five years and straight-line amortization is used. It is now the end of 2017, and the subsidiary still owns the patent. On the
Atthe beginning of 2013, a subsidiary sold cquiptneneeiel on its books at \($3,000,000\), net, to its parent for \($5,000,000\). The equipment had a remaining life of 20 years and straight-line depreciation is used. It is now the end of 2016, and the parent still owns the equipment. On the 2016
Pennant Corporation acquired 80 percent of Saylor Company's common stock for \($12,000,000\) in cash. At the date of acquisition, Saylor's \($3,000,000\) of reported net assets were fairly stated, except land was undervalued by \($200,000\) and unre- corded in-process R&D was valued at
Palm Resorts acquired its 70 percent interest in Sun City on January 1, 2014, for \($35,200,000.\) The fair value of the 30 percent non-controlling interest at the date of acquisition was \($9,800,000.\) Sun City's date-of-acquisition reported net assets of \($3,000,000\) were carried at amounts
Peregrine Company acquired 80 percent of Sparrow Company's common stock for \($22,000,000\) in cash; fees paid to an outside firm to estimate the earning power of Sparrow and the fair values of its properties amounted to \($3,000,000.\) Sparrow's equity consisted of \($4,000,000\) in capital stock,
Paramount Corporation acquired its 75 percent investment in Sun Corporation in January 2012, for \($2,910,000,\) and accounts for its investment internally using the complete equity method. At the acquisition date, total book value of Sun was \($1,500,000,\) including \($800,000\) of retained
On January 1, 2013, Palomar Resorts acquired 65 percent of the stock of Sahara Hotel & Casino for \($41.45\) million in cash and stock. The date-of-acquisition fair value of the noncontrolling interest was \($13.55\) million. Sahara’s book value on January 1, 2013, was \($4\) million, consisting
Below are the pre-combination condensed balance sheets of Princecraft and Sylvan Companies just prior to Princecraft’s acquisition of 90 percent of the voting shares of Sylvan for \($43\) million in cash. The book values of Sylvan Company’s net assets approximate fair value. The noncontrolling
Plummer Corporation acquired 90 percent of Softek Technologies’ voting stock by issuing 2,000,000 shares of \($2\) par common stock with a fair value of \($25,000,000.\) In addition, Plummer paid \($500,000\) in cash to the consultants and accountants who advised in the acquisition. Softek’s
In 2013, Deutsche Post DHL acquired 49 percent of the shares of Compador Technologies GmbH, Berlin, which develops sorting machines and software applications for mail services. The acquisition cost was €39 million, with an additional €1 million spent on transactions costs. Deutsche Post
Blue S.A., a French telecommunications company, acquired a 45 percent interest in E-Minus for 65,000,000. Blue consolidates E-Minus because it has special voting rights that allow it to control E-Minus. The fair value of the noncontrolling interest at the date of acquisition was 70,000,000, and
Assume that Microsoft Corporation acquired 90 percent of the outstanding common stock of Powerline Technologies for \($3,000,000\) cash plus 200,000 shares of Microsoft's \($10\) par value common stock having a market value of \($80\) per share. Immediately prior to the acquisition, the trial
Consider the following data:Required Use the above data to prepare the operating cash flow section of a consolidated statement of cash flows, using the indirect method. Consolidated net income.... Consolidated depreciation expense Amortization of asset and liability revaluations: Previously
At the date of acquisition, consolidation eliminating entry (R) credits the noncontrolling interest in Starfruit Company in the amount of On January 1, 2015, Pomegranate Company acquired 90% of the voting stock of Starfruit Company for \($91,700,000\) in cash. The fair value of the noncontrolling
On the 2017 consolidation working paper, eliminating entry (R) reduces the Investment in Starfruit by On January 1, 2015, Pomegranate Company acquired 90% of the voting stock of Starfruit Company for \($91,700,000\) in cash. The fair value of the noncontrolling interest in Starfruit at the date of

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