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ProForm acquired 70 percent of ClipRite on June 30, 2017, for $910,000 in cash. Based on ClipRite’s acquisition-date fair value, an unrecorded intangible of $400,000 was recognized a...
See AnswerQ: Compute the balances in problem (28) again, assuming that
Compute the balances in problem (28) again, assuming that all intra-entity transfers were made from ClipRite to ProForm. From problem 28: ProForm acquired 70 percent of ClipRite on June 30, 2017, for...
See AnswerQ: In computing the noncontrolling interest’s share of consolidated net income, how
In computing the noncontrolling interest’s share of consolidated net income, how should the subsidiary’s net income be adjusted for intra-entity transfers? a. The subsidiary’s reported net income is...
See AnswerQ: Following are financial statements for Moore Company and Kirby Company for 2018
Following are financial statements for Moore Company and Kirby Company for 2018: ∙ Moore purchased 90 percent of Kirby on January 1, 2017, for $657,000 in cash. On that date, the 1...
See AnswerQ: Opus, Incorporated, owns 90 percent of Bloom Company. On
Opus, Incorporated, owns 90 percent of Bloom Company. On December 31, 2017, Opus acquires half of Bloom’s $500,000 outstanding bonds. These bonds had been sold on the open market on January 1, 2015, a...
See AnswerQ: Hillsborough Country Outfitters, Inc., entered into an agreement for HCO
Hillsborough Country Outfitters, Inc., entered into an agreement for HCO Media LLC to exclusively conduct Hillsborough’s e-commerce initiatives through a jointly owned (50 percent each) Internet site...
See AnswerQ: On January 1, 2016, Monica Company acquired 70 percent of
On January 1, 2016, Monica Company acquired 70 percent of Young Company’s outstanding common stock for $665,000. The fair value of the noncontrolling interest at the acquisition date...
See AnswerQ: The following describes a set of arrangements between TecPC Company and a
The following describes a set of arrangements between TecPC Company and a variable interest entity (VIE) as of December 31, 2017. TecPC agrees to design and construct a new research and development (R...
See AnswerQ: On January 1, 2017, Panther, Inc., issued securities
On January 1, 2017, Panther, Inc., issued securities with a total fair value of $577,000 for 100 percent of Stark Corporation’s outstanding ownership shares. Stark has long supplied...
See AnswerQ: On December 31, 2017, PanTech Company invests $20,
On December 31, 2017, PanTech Company invests $20,000 in SoftPlus, a variable interest entity. In contractual agreements completed on that date, PanTech established itself as the primary beneficiary o...
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