3 69% i 4:18 pm SAR Co paid P110,000 for the net assets of Ken Corp. At the time of the acquisition,the attached photo are informatiom available related to Ken Corp's balance sheet. What is the amount recorded by SAR for the building? * Book Value P50, 000 90,000 40,000 30, 000 Fair Value P 50,000 100, 000 50, 000 30, 000 Current Asseta Building Equipment Liabilities 20,000 80,000 100,000 110,000 SAR Co paid P110,000 for the net assets of Ken Corp. At the time of 9 the acquisition,the attached photo are informatiom available related to

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ces Mc Graw Hill Problem 7-3B (Algo) Calculate and record goodwill (LO7-2) Northern Equipment Corporation purchased all the outstanding common stock of Pioneer Equipment Rental for $5,590,000 in cash. The book values and fair values of Pioneer's assets and liabilities were as follows: Accounts Receivable $ 740,000 Book Value Fair Value $ 640,000 Buildings 4,090,000 4,790,000 Equipment 100,000 190,000 Accounts Payable (760,000) (760,000) $ $ Net assets 4,170,000 4,860,000 Required: 1. Calculate the amount Northern Equipment should report for goodwill. 2. Record Northern Equipment's acquisition of Pioneer Equipment Rental. Complete this question by entering your answers in the tabs below. Required Required 1 2 Record Northern Equipment's acquisition of Pioneer Equipment Rental. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the acquisition of Pioneer Equipment…

Mini-Exercise 6-7 (Algo) Goodwill LO 6-9 Backstreets Company recently acquired all of Jungleland Incorporated's net assets in a business acquisition. The cash purchase price was $9.1 million. Jungleland's assets and liabilities had the following appraised values immediately prior to the acquisition: land, $2.5 million; buildings, $4.2 million; inventory, $3.0 million; long-term notes payable, for which Backstreets Company assumes payment responsibilities, $2.3 million. Required: How much goodwill will result from this transaction? Note: Enter your answer in whole dollars. Goodwill

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ok it nces Inventory Building Land Total FMV $ 28,000 210,000 322,000 $560,000 The corporation also assumed a mortgage of $100,000 attached to the building and land. The fair market valu corporation's stock received in the exchange was $460,000. The transaction met the requirements to be tax-c under $351. (Negative amount should be indicated by a minus sign. Leave no answer blank. Enter zero if op Adjusted basis Adjusted Basis $ 14,000 140,000 420,000 $574,000 Assume the corporation assumed a mortgage of $660,000 attached to the building and land. Assume the fair market building is now $350,000 and the fair market value of the land is $742,000. The fair market value of the stock remain g. What is the corporation's adjusted basis in each of the assets received in the exchange? (Do not round intermedial Inventory Building Land

Question 6 Week 12 On 1 July 2014 Padma Ltd acquires 25 per cent of the issued capital of Jamuna Ltd for a cash consideration of $360 000.At the date of acquisition, the shareholders’ equity of Jamuna Ltd is:Share capital $450 000Retained earnings $300 000Total shareholders’ equity 750 000Additional information• On the date of acquisition, buildings have a carrying amount in the accounts of Jamuna Ltd of $240 000 and amarket value of $300 000. The buildings have an estimated useful life of 10 years after 1 July 2014.• For the year ending 30 June 2015 Jamuna Ltd records an after-tax profit of $90 000, from which it pays adividend of $30 000.• For the year ending 30 June 2016 Jamuna Ltd records an after-tax profit of $300 000, from which it pays adividend of $150 000.• Assume a tax rate of 30% is assumedRequiredApply equity method of accounting to:(a) Calculate the amount of goodwill at the date of acquisition (b) Prepare the journal entries for the year ending 30 June 2015 (c) Prepare…

LO 9 Assets Cash + Patent + 94,000 ΝΑ + + Exercise 8-20A Computing and recording the amortization of intangibles Texas Manufacturing paid cash to purchase the assets of an existing company. Among the assets purchased were the following items: Goodwill ΝΑ Texas's financial condition just prior to the purchase of these assets is shown in the following statements model: = Patent with 5 remaining years of legal life Goodwill Liab. ΝΑ Equity Rev. + 94,000 ΝΑ Exp. $36,000 40,000 ΝΑ = Net Inc. = ΝΑ Cash Flow ΝΑ Required a. Compute the annual amortization expense for these items if applicable. b. Record the purchase of the intangible assets and the related amortization expense for year 1 in a horizontal statements model like the preceding one. c. Prepare the journal entries to record the purchase of the intangible assets and the related amortization for year 1.

QUESTION 19 On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for $160,000 cash. The fair value of the noncontrolling interest at that date was determined to be $40,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition:    Pirate Corp. Sea-Gull Corp. Cash   $ 60,000       $ 20,000     Accounts Receivable     80,000         30,000     Inventory     90,000         40,000     Land     100,000         40,000     Buildings and Equipment     200,000         150,000     Less: Accumulated Depreciation     (80,000 )       (50,000 )   Investment in Sea-Gull Corp.     160,000               Total Assets   $ 610,000       $ 230,000                           Accounts Payable   $ 110,000       $ 30,000     Bonds Payable     95,000         40,000     Common Stock     200,000         40,000     Retained Earnings     205,000         120,000     Total Liabilities…