Questions from Financial Accounting

Q: Phone Corporation acquired 70 percent of Smart Corporation’s common stock on December

Phone Corporation acquired 70 percent of Smart Corporation’s common stock on December 31, 20X4, for $102,200. At that date, the fair value of the non controlling interest was $43,800...

Q: On January 2, 20X8, Photo Corporation acquired 75 percent of

On January 2, 20X8, Photo Corporation acquired 75 percent of Shutter Company’s outstanding common stock. In exchange for Shutter’s stock, Photo issued bonds payable...

Q: Paragraph Corporation acquired controlling ownership of Sentence Corporation on December 31,

Paragraph Corporation acquired controlling ownership of Sentence Corporation on December 31, 20X3, and a consolidated balance sheet was prepared immediately. Partial balance sheet data for the two com...

Q: Paste Corporation acquired 70 percent of Stick Company’s stock on January 1

Paste Corporation acquired 70 percent of Stick Company’s stock on January 1, 20X9, for $105,000. At that date, the fair value of the non controlling interest was equal to 30 percent...

Q: Pie Corporation acquired 75 percent of Slice Company’s ownership on January 1

Pie Corporation acquired 75 percent of Slice Company’s ownership on January 1, 20X8, for $96,000. At that date, the fair value of the non controlling interest was $32,000. The book v...

Q: This problem is a continuation of P5-33. Pie Corporation

This problem is a continuation of P5-33. Pie Corporation acquired 75 percent of Slice Company’s ownership on January 1, 20X8, for $96,000. At that date, the fair value of the noncont...

Q: Permott Corporation has been in the midst of a major expansion program

Permott Corporation has been in the midst of a major expansion program. Much of its growth had been internal, but in 20X1 Permott decided to continue its expansion through the acquisition of other com...

Q: Pillow Corporation acquired 80 percent ownership of Sheet Company on January 1

Pillow Corporation acquired 80 percent ownership of Sheet Company on January 1, 20X7, for $173,000. At that date, the fair value of the non controlling interest was $43,250. The trial balances for the...

Q: This problem is a continuation of P5-35. Pillow Corporation

This problem is a continuation of P5-35. Pillow Corporation acquired 80 percent ownership of Sheet Company on January 1, 20X7, for $173,000. At that date, the fair value of the non controlling interes...

Q: Pirate Corporation acquired 60 percent ownership of Ship Company on January 1

Pirate Corporation acquired 60 percent ownership of Ship Company on January 1, 20X8, at underlying book value. At that date, the fair value of the non controlling interest was equal to 40 percent of t...