Question: On January 1 , 2 0 1 3 , Piper Company acquired an 8 0 % interest in Sand Company for $ 2 , 2

On January 1,2013, Piper Company acquired an 80% interest in Sand Company for $2,271,100. At that time the common stock and retained earnings of Sand Company were $1,821,100 and $730,500, respectively. Differences between the fair value and the book value of the identifiable assets of Sand Company were as follows:
\table[[,\table[[Fair Value in Excess],[of Book Value]]],[Inventory,$44,800
On January 1,2013, Piper Company acquired an 80% interest in Sand

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

John Williams (age 42) is a single taxpayer, and he lives at 1324 Forest Dr., Reno, NV 89501. His Social Security number is 555-94-9358. John's earnings and withholdings as the manager of a local...

Q:

On January 1, 2021, Alpine Systems, a U.S.-based company, acquired a 100 percent interest in Grant Management Consultants, located in Zurich, Switzerland. All fixed assets were on the books when the...

Q:

On January 1, 2021, Alpine Systems, a U.S.-based company, acquired a 100 percent interest in Grant Management Consultants, located in Zurich, Switzerland. All fixed assets were on the books when the...

Q:

On January 1 , 2 0 2 2 , Cullumber Company had the following stockholders' equity accounts. During the year, the following transactions occurred. Feb. 1 Declared a $ 1 cash dividend per share to...

Q:

Current Attempt in Progress On January 1 . 2 0 1 3 . Piper Company acquired an 8 0 % interest in Sand Company for $ 2 , 2 7 1 . 1 0 0 . At that time the common stock and retained earnings of Sand...

Q:

Be fast and help PROBLEM 4. Shares Receivable in Lieu of Cash Dividends On October 1,2021, Venus Corp owns 15,000 fair value through other comprehensive income share acquired at a cost of P 345,000....

Q:

Be fast and help PROBLEM 4.Shares Receivable in Lieu of Cash Dividends On October 1,2021, Venus Corp owns15,000 fair value through other comprehensive income share acquired at a cost of P 345,000.The...

Q:

Be fast and help PROBLEM 4.Shares Receivable in Lieu of Cash Dividends On October 1,2021, Venus Corp owns15,000 fair value through other comprehensive income share acquired at a cost of P 345,000.The...

Q:

Lexus Corporation acquired 7 0 percent of Triumph Corporation's voting stock on January 1 , 2 0 \ times 2 , for $ 2 8 0 , 0 0 0 . The fair value of the noncontrolling interest was $ 1 2 0 , 0 0 0 at...

Q:

Acquisition Accounting Implied Value Equals Book Value 90% Owned Subsidiary Date of Acquisition ILLUSTRATION 3-3 Consolidated Balance Sheet Workpaper P Company and Subsidiary January 1, 2013...

Q:

Question 2 - Translation and Consolidation of Foreign Operations (34 Marks) On January 1, 2013, Crow Corporation, a Canadian company, acquired 80% of the outstanding shares of Penguin Products of...

Q:

Find the maximum and minimum values of ((x, y) = 10 + x + y on the disk x2 + y2 ( 9. Flint Parametrize the boundary by x = 3 cos t, y = 3 sin t, 0 s t s tar.

Q:

S.No Items 1 Wages and salaries 2 Government final consumption expenditure 3 4 +56 6 7 8 9 Royalty Interest Households final consumption expenditure Change in stocks Indirect taxes Rent Final...

Q:

6 What are two main types of process variability? How can we identify and remove the sources of this variability?

Q:

Q/ 10 complimentary petroleum properties which are not influenced directly by the temperature?

Q:

The sleigh lands on a snowy and icy patch (i.e. a frictionless surface) with a known initial speed U, as illustrated. If the sleigh takes a known time (e.g. 5 seconds) to come to rest, what is the...

Q:

A call option with a strike price of $30 costs $1.5. A put option with a strike price of $25 costs $2.5. Explain how a strangle can be created from these two options. What is the pattern of profits...

Q:

I. Given the following graph G1 in Figure 1, find the minimum spanning tree using the Prim's algorithm, and starting at node G. Show only the resulting minimum spanning tree and its total cost. At...

Q:

1. Recall that a geometric sequence is a sequence of numbers where each term is the previous term multiplied by a constant r, and the first term in the sequence is a constant a: {a, ar, ar?, ar, .}...

Q:

Under the _ _ _ _ _ _ _ _ _ _ , federal agencies must safeguard the personal information of their employees. Question 2 1 options: Electronic Communications Privacy Act Fair Credit Reporting Act...

Q:

=+I do more idea generation in four years than in the 10 years before that.

Q:

=+What can I do to make this press worthy?

Q:

=+Keep a mental note of these observations, so you'll refer to them when you're writing for any medium.