please answer in detail with explanation computation formula with steps thanks no copy paste Stick Company reports net assets with a book value and fair value of $202.000. Paste Corporation acquires 75 percent ownership for $151,500. Paste reports net assets with a book value of $514,000 and a fair value of $642.000 at that time, excluding its investment in Stick Required: For each of the following, compute the amounts that would be reported immediately after the combination under current accounting practice: a. Consolidated net identifiable assets. b. Noncontrolling interest. a. Consolidated net identifiable assets b. Noncontrolling interest

please answer in detail with explanation computation formula with steps thanks no copy paste Stick Company reports net assets with a book value and fair value of $202.000. Paste Corporation acquires 75 percent ownership for $151,500. Paste reports net assets with a book value of $514,000 and a fair value of $642.000 at that time, excluding its investment in Stick Required: For each of the following, compute the amounts that would be reported immediately after the combination under current accounting practice: a. Consolidated net identifiable assets. b. Noncontrolling interest. a. Consolidated net identifiable assets b. Noncontrolling interest

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please answer in text form without image every entry should have narrated
Prepare the necessary adjusting entries for the following independent transactions:1. Alps Co. acquired land, building, and equipment from Bankrupt Inc. for P2,800,000. Bankrupt’s assets on acquisition date had the following values: Book Value Fair ValueLand P 800,000 P 600,000Building 1,000,000 1,400,000Equipment 1,200,000 1,200,000 Alps decided to take a conservative position by recording the lower of the two values for each PPE item acquired. The following entry was made:Land 600,000Building 1,000,000Equipment 1,200,000Cash 2,800,000
ACME Co. paid $110,000 for the net assets of Comb Corp. At the time of the acquisition the following information was available related to Comb's balance sheet: Book Value Fair Value Current Assets $50,000 $ 50,000 Building 80,000 100,000 Equipment 40,000 50,000 Liabilities 30,000 30,000 What is the amount recorded by ACME for the Building? a. $110,000 b. $20,000 c. $80,000 d. $100,000
What accounting entry would you do 50:50 joint operation was commenced between two participants. Mary Company contributed cash of $90 000, and Strickland Company contributed a Building with a fair value of $90 000 and a carrying amount of $75 000. Using the line-by-line method of accounting, Strickland Company would record? DR Building in JO $75 000 CR Building $75 000 DR Building in JO $945000 CR Building $37 500 CR Gain on sale of building $7 500 DR Investment in joint operation $45 000 CR Building $37 500 CR Gain on sale of building $7 500 DR Cash in JO $45 000 DR Building in JO…
Don't give answer in image format
Don't give answer in image format
None
ACME Co. paid $110,000 for the net assets of Comb Corp. At the time of the acquisition the following information was available related to Comb's balance sheet: Book Value Fair Value Current Assets $50,000 $ 50,000 Building 80,000 100,000 Equipment 40,000 50,000 Liabilities 30,000 30,000 What is the amount recorded by ACME for the Building? a. $110,000 b. $20,000 c. $80,000 d. $100,000
answer quickly
Please do not give solution in image format thanku
Problem 8-5 (with solution/explanation)
None