On March 1, 2023, Company X acquired a 25% stake in Company Y for $60,000. On March 1, 2024, X acquired an additional 35% stake for $200,000. The fair value of the initial 25% stake was determined to be $75,000 at this time. Company Y earned $40,000 between the acquisition dates. Required: a. Calculate investment cost for goodwill computation b. Calculate goodwill from transaction c. Calculate gain recognized (without significant influence) d. Calculate gain recognized (with significant influence)

Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $840,000. The estimated market values of the purchased assets are building, $484, 500; land, $304,000; land improvements, $66,500; and four vehicles, $95,000. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1 - b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining - balance depreciation.

Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $820,000. The estimated market values of the purchased assets are building, $527,350; land, $308,450; land improvements, $49,750; and four vehicles, $109,450. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $31,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 Required 3 Allocate the lump-sum purchase price to th separate assets purchased. Total cost of Acquisition Allocation of total cost Building Land Land improvements Vehicles Total Estimated Market Value $ 0…

Timberly Construction makes a lump -sum purchase of several assets on January 1 at a total cash price of $850,000. The estimated market values of the purchased assets are building, $458, 150; land, $317,900; land improvements, $ 65,450; and four vehicles, $93,500. Required: 1-a. Allocate the lump - sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $30,000 salvage value. 3. Compute the first -year depreciation expense on the land improvements assuming a five-year life and double-declining - balance depreciation.Complete this question by entering your answers in the tabs below.

Global Positioning Net purchased equipment on January 1, 2018, for $15,233. Suppose Global Positioning Net sold the equipment for $11,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $10,155. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss)

Use the following information for the next six questions. You are auditing the financial statements of DISUKO Corporation and obtained the following information. DISUKO acquired an investment for P1,000,000. Transaction costs amount to P10,000. At year-end, the investment has a fair value of P900,000. 1. If the investment is classified as financial asset at fair value through profit or loss, how much would it be recorded upon acquisition? 2. If the investment is classified as financial asset at fair value through profit or loss, what is the amount of unrealized gain or loss to be reported in the statement of comprehensive income? 3. If the investment is classified as financial asset at fair value through other comprehensive income, how much would it be recorded upon acquisition? 4. If the investment is classified as as financial asset at fair value through other comprehensive income, what is the amount of unrealized gain or loss. to be reported in the income statement? 5. If the…

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On July 1, 2018, Mundo Corporation purchased factory equipment for $50,000. Residual value was estimated at $2,000. The equipment will be depreciated over 10 years using the doubledeclining balance method. Counting the year of acquisition as one-half year, Mundo should record 2019 depreciation expense of:

If you are told that LSJ Company’s plant property and equipment value at 12/31/2023 is $750,000 of the company’s total assets of $1,000,000 …Apply your vertical analysis skills and calculate what percentage the PPE represents of total assets.

JRE2 Incorporated entered into a contract to install a pipeline for a fixed price of $2,365,000. JRE2 recognizes revenue upon contract completion. Estimated Cost to Complete. $ 1,660,000 621,000 0 Cost incurred. 2023 2024 2025 $ 272,000 1,710,000 560,000 In 2025, JRE2 would report gross profit (loss) of: . Multiple Choice $(177,000) $84,000, $61,000 $20.222