How much is the non- controlling interest in net assets on December 31, 2016?
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- During 2021, Anthony Company purchased debt securities as a long-term investment and classified them as trading. All securities were purchased at par value. Pertinent data are as follows: The net holding gain or loss included in Anthonys income statement for the year should be: a. 0 b. 3,000 gain c. 9,000 loss d. 12,000 lossOn January 1, 2021, PingPing Corp. acquired all the assets and liabilities of Willy Corp. by issuing shares of P10 par value ordinary shares. PingPing Corp. shares has a market value of P40 per share. The statement of financial position of Willy Corp. as of January 1, 2021, is as follows: Current assets – P640,000; Equipment – P1,760,000; Liabilities – P800,000; Common shares (P4 par) – P160,000; Share premium – P640,000; Retained earnings – P800,000. The current assets and equipment have fair values of P800,000 and P3,200,000, respectively. PinPing Corp. issued sufficient number of shares so that the fair market values of the shares issued is equal to the fair market value of Willy Corp.’s net assets. How many ordinary shares should PingPing Corp. must issue to have a gain on bargain purchase of P200,000? *... a. 85,000 shares b. 74,000 shares c. 75,000 shares d. 84,000 shares pls. answer it asap. thank youOn 1 July 2016, A Ltd acquired 80% of the issued shares of B Ltd for $190 000. At this date, the equity of B Ltd was: Share capital General reserve Retained earnings $ 100 000 50 000 60 000 At acquisition date . At 30 June 2018, the equity of B Ltd consisted of: Share capital General reserve Retained earnings $ 100 000 70 000 90 000 During the 2017–18 year B Ltd recorded a profit of $20 000. At 1 July 2016, the fair value of the non-controlling interest was $45 000 and A Ltd adopts the full goodwill method. Required: Prepare the acquisition analysis (without any consolidation entries) please answer complete and working note
- SUKON Company acquired equity securities at the beginning of 2020. SUKON Company provided you the following information: Security. No. of shares Acquisition Cost AKO Co. shares 100,000 shares P5,250,000 AKO shares were acquired and were designated as financial asset at fair value through OCI. The shares were acquired at P52.50 per share which included a P2.50 per share transaction cost. Half of the AKO shares were sold at P58 per share on July 1, 2021. Fair value, Fair value, Dec. 31, 2020 Dec. 31, 2021 P55/share P62/share How much is the carrying value of the Investment on December 31, 2021? O 2,900,000 O 2,500,000 O 3,100,000 O 2,750,00012) Pinky Co. acquired 80% of Scar Co. ordinary share capital on 1 January 2012. As at 31 December 2012 the extract from their individual statements of financial position showed: Current Assets: Receivables Current Liabilities: Payables Select one: O a. O b. Oc. O d. Pinky Co $ 50,000 70,000 As a result of trading during the year Pinky Co.'s receivables balance included an amount due from Scar Co: of $4,600. What should be the shown as the consolidated figure for receivables and payables? $80,000 and $112,000 $75400 and $112,000 $74,000 and $103,600 $75,400 and $107,400 Scar Co $ 30,000 42,00026. GBX Corporation acquired 80% of the outstanding shares of UMD Company on June 1, 2017 for P3,517,500. UMD Company’s stockholder’s equity components at the end of this year are as follows: Ordinary share, P100 par, P1,500,000, Share Premium P675,000 and Retained Earnings P1,335,000. Non-controlling interest is measured at fair value and the fair value is P705,000. The assets of UMD were fairly valued, except for inventories, which are overstated by P66,000, and equipment, which was understated by P90,000. Remaining useful life of equipment is 4 years. Stockholder’s equity of GBX on January 1, 2017 is composed of Ordinary Shares P4,500,000, Share Premium of P1,050,000, Retained Earnings P3,150,000. Goodwill, if any, should be written down by P85,350 at year-end. Net income for the first year of parent is P450,000 and the net income of subsidiary from the date of acquisition is P255,000. Dividends declared at the end of the year amounted to P100,000 and P80,000. During the year, there…
- On January 1, 2021, KIND Company acquired 5,000 shares of FVOCI securities of OVERFLOW Company at P110,000 plus brokerage expense of P16,000. On February 14, 2021, OVERFLOW Company's ordinary share was split on a 3-for-5 basis. The fair value on December 21, 2021, amounted to P55 per share. a. Compute for the total number of shares at the end of the year. b. Cost per share at Feb 14 c. Compute for the unrealized gain or (loss) to be presented in the other comprehensive income for the current year.On December 31, 2016, Akron, Inc. purchased 5 Percent of Zip’s Company's common shares on the open market in exchange for $16,000. On December 31, 2017, Akron, Inc., acquires an additional 25 percent of Zip Company's outstanding common stock for $95,000. During the next two years, the following information is available for Zip Company: Income Dividends Declared Common StockFair Value (12/31) 2016 $320,000 2017 $75,000 $7,000 380,000 2018 88,000 15,000 480,000 At December 31, 2017, Zip reports a net book value of $290,000. Akron attributed any excess of its 30 percent share of Zip's fair over book value to its share of Zip's franchise agreements. The franchise agreements had a remaining life of 10 years at December 31, 2017. Assume Akron applies the equity method to its Investment in Zip account: What amount of equity income should Akron report for 2018? On Akron's December 31, 2018, balance sheet, what amount is reported for the Investment in Zip…At December 31, 2016, White Corporation, reported as current assets the following equity securities classified as at Fair Value through Profit or Loss: Red Corporation 1,000 shares, P200 par convertible 10% preference share 450,000 Blue Inc., 6,000 ordinary share 650,000 Yellow Company 2,000 ordinary shares 550,000 Trading securities, at fair value 1,650,000 On January 2, 2017, White purchased 100,000 of P100 par ordinary shares of Green Corporation for P16,000,000 representing 25% of Green’s outstanding ordinary shares and an underlying equity of P15,000,000 in Green’s net assets at January 2. White had no other financial transactions with Green during 2017. As a result of White’s 25% ownership of Green, White has the ability to exercise significant influence over Green’s financial and operating policies. White had no intention of disposing of the Green Corporation ordinary shares within a period of 12 months. During 2017, white disposed of the…
- At December 31, 2016, White Corporation, reported as current assets the following equity securities classified as at Fair Value through Profit or Loss: Red Corporation 1,000 shares, P200 par convertible 10% preference share 450,000 Blue Inc., 6,000 ordinary share 650,000 Yellow Company 2,000 ordinary shares 550,000 Trading securities, at fair value 1,650,000 On January 2, 2017, White purchased 100,000 of P100 par ordinary shares of Green Corporation for P16,000,000 representing 25% of Green’s outstanding ordinary shares and an underlying equity of P15,000,000 in Green’s net assets at January 2. White had no other financial transactions with Green during 2017. As a result of White’s 25% ownership of Green, White has the ability to exercise significant influence over Green’s financial and operating policies. White had no intention of disposing of the Green Corporation ordinary shares within a period of 12 months. During 2017, white disposed of the…At December 31, 2016, White Corporation, reported as current assets the following equity securities classified as at Fair Value through Profit or Loss: Red Corporation 1,000 shares, P200 par convertible 10% preference share 450,000 Blue Inc., 6,000 ordinary share 650,000 Yellow Company 2,000 ordinary shares 550,000 Trading securities, at fair value 1,650,000 On January 2, 2017, White purchased 100,000 of P100 par ordinary shares of Green Corporation for P16,000,000 representing 25% of Green’s outstanding ordinary shares and an underlying equity of P15,000,000 in Green’s net assets at January 2. White had no other financial transactions with Green during 2017. As a result of White’s 25% ownership of Green, White has the ability to exercise significant influence over Green’s financial and operating policies. White had no intention of disposing of the Green Corporation ordinary shares within a period of 12 months. During 2017, white disposed of the…On January 3, 2022, P Company acquired 70% interest in S Company for P4,200,000. Considerationincludes issuance of shares with fair value of P3,500,000 and cash for the balance. On this date, the equityof S Company is as follows: P. Company S CompanyOrdinary Share Capital 3,300,000 1,450,000Accumulated Profits 5,450,000 2,800,000Non-controlling interest is initially measured at fair value of P1,675,000. Fair value of the following assetsof S Company exceeded their book values: Inventories, P150,000; Fixed assets (remaining life – 5 years),P600,000. All other assets and liabilities are fairly valued.S Company sold an equipment to P Company for P200,000 carried in S’s book at P120,000 on July 1, 2022;remaining life is 4 years. Towards the end of the year, P sold to S merchandise costing P150,000 at 40%gross profit, 25% of these inventories was unsold as of balance sheet date. Also, P purchased inventoryfrom S…