On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At the date, the equity of Marcus was P4,000,000. with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shoes the profits and losses made by Marcus during 2015 to 2019: Year 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the investment in associate account be debited/credited in 2018? A. 1,060,000 Cr B. No entry C. 40,000 Dr D. 1,035,000 Cr
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On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At the date, the equity of Marcus was P4,000,000. with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shoes the
Year
2015 200,000
2016 2,000,000
2017 2,500,000
2018 160,000
2019 300,000
How much will the investment in associate account be debited/credited in 2018?
A. 1,060,000 Cr
B. No entry
C. 40,000 Dr
D. 1,035,000 Cr
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- On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? Group of answer choices P1,060,000 Cr. P1,035,000 Cr. No entry P40,000 Dr.On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? a. P1,035,000 Cr. b. No entry c. P40,000 Dr. d. P1,060,000 Cr.On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? O P1.060.000 Cr. O No entry O P40,000 Dr. O P1.035.000 Cr.
- On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? A. No entry B. 40,000 debit C. 1,035,000 credit D. 1,060,000 creditOn July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? P1,035,000 Cr. P1,060,000 Cr. P40,000 Dr. No entry How much will the Investment in Associate account be debited/credited in 2019? P960,000 Cr. No Entry P15,000 Dr. P75,000 Dr.On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2019? Group of answer choices a. P75,000 Dr. b. No entry c. P960,000 Cr. d. P15,000 Dr.
- On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? Group of answer choices a. P40,000 Dr. b. No entry c. P1,035,000 Cr. d. P1,060,000 Cr.On July 1, 2017, Entity H acquired 25% of the shares of Oki, Inc. for P1,000,000. At the date, the equity of Oki was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Oki during 2017 to 2021: YEAR PROFIT(LOSS) 2017 P200,000 2018 (2,000,000) 2019 (2,500,000) 2020 160,000 2021 300,000 How much share of profit of assocaiate should Entity H report in its 2020 profit or loss? a.Nil b. P40,000 c. P60,000 d. P100,00010 On July 1, 2015, Cleopatra Corporation acquired 25% of the shares of Marcus, Inc. for P1,000,000. At that date, the equity of Marcus was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Marcus during 2015 to 2019: Year Profit (Loss) 2015 200,000 2016 2,000,000 2017 2,500,000 2018 160,000 2019 300,000 How much will the Investment in Associate account be debited/credited in 2018? Group of answer choices No entry P40,000 Dr. P1,035,000 Cr. P1,060,000 Cr.
- On July 1, 2023, Jerry Corporation acquired 25% of the shares of Von, Inc. for P1,000,000. At that date, the equity of Von was P4,000,000, with all the identifiable assets and liabilities being measured at amounts equal to fair value. The table below shows the profits and losses made by Von during 2003 to 2007: Year Profit (Loss)2023 P200,0002024 (2,000,000)2025 (2,500,000)2026 160,0002027 300,000 1. The carrying amount of the investment in Von, Inc. as of December 31,2024 is2. The amount to be recognized in 2025 profit or loss related to the investment in Von, Inc. is3. The amount to be recognized in 2026 profit or loss related to the investment in Von, Inc. is4. The amount to be recognized in 2027 profit or loss related to the investment in Von, Inc. is5. The amount of the investment in Von, Inc. as of December 31,2027 is6. Prepare all journal entries from 2023 to 2027On January 2, 2016, Barney Co. acquired all of Dora's ordinary shares for $180,000. On that date, the carrying amounts of Dora's assets and liabilities is equal to their fair value of $198,000 and 48,000, respectively. On the same year, Dora paid cash dividends of $3,000. Below is the financial position and statement of income on December 31, 2016. Barney Co. Dora Co. Operating Income $60,000 $30,000 Income from Subsidiary $3,000 - Net Income 63,000 21,000 Investment in Subsidiary 180,000 - Accumulated Profits 105,000 84,000 Shareholders' Equity $393,000 $168,000 WHat is the consolidated accumulated profits?11. On 1 January 2017, Charlie Ltd acquired all the issued shares (cum div.) of Chapline Ltd for $263,000. At that date the equity of Chapline Ltd was recorded at: Share capital $150,000 40,000 60,000 Reserves Retained earnings On 1 January 2017, the records of Chapline Ltd also showed that the company had recorded the asset goodwill at cost of $5000. Further Chapline Ltd had a dividend payable liability of $10 000, the dividend to be paid in March 2017. All other assets and liabilities were carried at amounts equal to their fair values. Required А. Prepare the consolidation worksheet entries on 1 January 2017, immediately after combination. В. Prepare the consolidation worksheet entries at 30 June 2017. С. Prepare the consolidation worksheet entries at 1 January 2017 assuming the consideration transferred was $259,000. B.