Questions from Financial Accounting

Q: Using the data presented in E1-13, determine the amount

Using the data presented in E1-13, determine the amount Planter Corporation would record as a gain on bargain purchase and prepare the journal entry Planter would record at the time of the exchange if...

Q: Assume the same facts as in E8-15 except for the

Assume the same facts as in E8-15 except for the changes in the trial balances, but prepare entries using straight-line amortization of bond discount or premium. Required: a. Record the journal entr...

Q: On January 1, 20X1, Porta Corporation purchased Swick Company’s net

On January 1, 20X1, Porta Corporation purchased Swick Company’s net assets and assigned goodwill of $80,000 to Reporting Division K. The following assets and liabilities are assigned...

Q: Series Corporation issued $500,000 par value, 10-

Series Corporation issued $500,000 par value, 10-year bonds at 104 on January 1, 20X1, which Independent Corporation purchased. On January 1, 20X5, Playoff Corporation purchased $200,000 of Series bon...

Q: On January 1, 20X1, Prize Corporation paid Morton Advertising $

On January 1, 20X1, Prize Corporation paid Morton Advertising $116,200 to acquire 70 percent of Statue Company’s stock. Prize also paid $45,000 to acquire $50,000 par value 8 percent...

Q: Practical Corporation acquired all of the common stock of Simple Company for

Practical Corporation acquired all of the common stock of Simple Company for $450,000 on January 1, 20X4. On that date, Simple’s identifiable net assets had a fair value of $390,000. The assets acquir...

Q: Series Corporation issued $500,000 par value 10-year

Series Corporation issued $500,000 par value 10-year bonds at 104 on January 1, 20X1, which Independent Corporation purchased. On July 1, 20X5, Playoff Corporation purchased $200,000 of Series bonds f...

Q: On January 1, 20X7, Proft Company purchased Strobe Company’s net

On January 1, 20X7, Proft Company purchased Strobe Company’s net assets and assigned them to four separate reporting units. Total goodwill of $176,000 is assigned to the reporting un...

Q: Plug Corporation purchased $100,000 par value bonds of its

Plug Corporation purchased $100,000 par value bonds of its subsidiary, Spark Company, on December 31, 20X5, from Lemon Corporation. The 10-year bonds bear a 9 percent coupon rate, and Spark originally...

Q: Plasher Company has a reporting unit resulting from an earlier business combination

Plasher Company has a reporting unit resulting from an earlier business combination. The reporting unit’s current assets and liabilities are Required: Determine the amount of goodw...