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ACCT $302$

Q$1.$ Z Corporation acquired $100\%$ of the outstanding common stock of Sake X Corporation for $ $3,000,000$ cash and $50,000$ shares of its own common stock $($$$1$ par value$),$ which was trading at $$30$ per share at the acquisition date.$(3$ marks$)$

Required: Prepare The Journal Entry to Record the Acquisition Transaction on the Acquiring Incorporation$$s Journal.

Q$2.$ In The Process of the Acquisition, Z Incorporation Paid In Cash the Following Expenses $($$$)$: $(3$ marks$)$

Legal fees $50,000$

Accounting fees $20,000$

Travel expenses $5,000$

Legal fees $($SEC$)40,000$

Accounting fees $($SEC$)10,000$

SEC filing fees $15,000$

Required: Prepare the journal entry to record the acquisition expenses.

Q$3.$ Z Incorporation acquired significant influence over Y Company by purchasing $100$ percent of the common stock of the Y Incorporation for $$100,000$; Y earns income of $$50,000$ and pays dividends of $$10,000(4$ marks$)$

Required: Pass Journal Entries To Update The Investment Account In Y Incorporation Using Equity Method And Cost Method.

Q$4.$ Given the Following Information for $2023(5$ marks$)$

Z owns $70\%$ of Y

Y net income for $2023$ is $$150,000$

Y declares dividends of $$10,000$ during $2023.$

Y has $20,000$ shares of $ $1$ par value per stock outstanding that issued for $$10$ per share.

Y beginning balance in Retained Earnings for $2023$ is $$50,000.$

Required: Prepare Basic Elimination Entry Using Equity Method