On January $1,2022,$ X Inc. purchased voting shares of Y Inc. Based on the professional judgment of CPA$$s employed by X$,$ it was concluded that X has significant influence over Y$.$

The following information, and partial information was provided for Y$,$ which has a December $31$ fiscal year end:

Net Income $($loss$)$ Dividends

$2021($$$5,000)$ $$2,000$

$2022$ $data lost $data lost

$2023($$$15,000)$ $$7,000$

$2024$ $$30,000$ $$8,000$

Ques:$1$

Assume X purchased $40\%$ of Y on January $1,2022.$

The value of the Investment account in Y Inc. at the end of $2024$ was $$139,000,$ while the opening balance on January $1,2022$ was $$125,000.$ Data was missing for Y$$s financial data for $2022.$

Required $-$ calculate the Net income in $2022$ for Y Inc, and total dividends declared. The only other information you could uncover was that X$$s share of dividends declared by Y in $2023$ was $$3,000.$

Parent and Sub Inc. had the following balance sheets on December $31,2021$:

Parent Sub

Current Assets $ $65,000$ $$12,000$

Fixed Assets $($net$)$ $$100,000$ $$61,000$

Total Assets $$165,000$ $$73,000$

Current Liabilities $ $42,000$ $$35,000$

Bonds Payable $ $25,000$ $$12,000$

Common Shares $ $90,000$ $$12,000$

Retained Earnings $ $8,000$ $$14,000$

Total Liabilities and Equity $$165,000$ $$73,000$

Ques: $2$

On January $1,2022,$ Parent acquired Sub by issuing $$45,000$ in common shares.

The fair value of Sub's equaled fair value, with the following exceptions:

$$ The fair vOn January $1,2022,$ X Inc. purchased voting shares of Y Inc.$$ Based on the professional judgment of CPA$$s employed by X$,$ it was concluded that X has significant influence over Y$.$

The following information, and partial information was provided for Y$,$ which has a December $31$ fiscal year end:

$$

Net Income $($loss$)$

Dividends

$2021$

$($$$5,000)$

$$2,000$

$2022$

$data lost

$data lost

$2023$

$($$$15,000)$

$$7,000$

$2024$

$$30,000$

$$8,000$

Ques:$1$

Assume X purchased $40\%$ of Y on January $1,2022.$

The value of the Investment account in Y Inc. at the end of $2024$ was $$139,000,$ while the opening balance on January $1,2022$ was $$125,000.$ Data was missing for Y$$s financial data for $2022.$

Required $-$ calculate the Net income in $2022$ for Y Inc, and total dividends declared. The only other information you could uncover was that X$$s share of dividends declared by Y in $2023$ was $$3,000.$

$$

Parent and Sub Inc. had the following balance sheets on December $31,2021$:

Parent

Sub

Current Assets

$ $65,000$

$$12,000$

Fixed Assets $($net$)$

$$100,000$

$$61,000$

Total Assets

$$165,000$

$$73,000$

Current Liabilities

$ $42,000$

$$35,000$

Bonds Payable

$ $25,000$

$$12,000$

Common Shares

$ $90,000$

$$12,000$

Retained Earnings

$ $8,000$

$$14,000$

Total Liabilities and Equity

$$165,000$

$$73,000$

Ques: $2$

On January $1,2022,$ Parent acquired Sub by issuing $$45,000$ in common shares.$$

The fair value of Sub's equaled fair value, with the following exceptions:

$$

$$ The fair value of current liabilities for Sub was $$40,000$

$$ The fair value of current assets for Sub was $$13,000$

$$

Required:

Calculate goodwill created on the date of acquisition

$$