Hello

pleas answer my assignment before 30 OCT

Thank you .

Assignment No. 2 ACCT302: Advanced Financial Accounting Student name: Student ID: Total Marks: 10 Note: 10 marks of all 5 assignments (50 marks) are converted into 15 marks at the end of the semester using the following formula: Actual total marks/ 50 marks*15 marks You are required to work in this assignment individually. Any suspicious activities or cheating will result zero grade in this assignment. Plagiarism is prohibited, answers of high plagiarism receive zero. Students submitting assignment after deadline will have zero Q1. What are the Benefits of Consolidated Financial Statements? Q2. What are the limitations of Consolidated Financial Statements? 1 3-Discuss different theory of consolidation? Q4 you are given the following information: 2 - on January 1, 2015 Company A acquired 75% of the voting common stock of company B for $1500, 000 cash. - Company B realized net income of $ 200,000 for year 2015 -beginning balance in retained earnings of company B was 500,000 -company B had common stocks of 50.000 shares ($ 5 par value per share, trading price $30) at the date of acquisition. -company B declared dividends of $ 100,000 for year 2015 Required: Prepare basic elimination entry to prepare consolidated financial statements assuming the parent company used equity method and no differential (acquisition price equal net book value of the assets of the acquired company) Q5. You are given the following information: On January 1, 2015, company A acquired 100% of voting stocks of company B for $ 500,000 cash, fair value of net identifiable assets estimated to be$ 400,000 at acquisition date. On December 31, 2015, carrying value of the acquired assets is 400,000; fair market value of net identifiable assets without goodwill of the acquired company estimated to be$320,000, market value of the acquired company estimated to be $330,000. Required: Is there impairment loss for goodwill? 3 4