Regency owns 5% of Marriott. On October 1, 2020 Regency acquires an additional 25% of Marriott bringing its ownership percentage up to 30%. From January 1 – September 30, 2020 Marriott earns $100,000. From October 1, December 31 2020 Marriott earns $40,000. What is the total income reported by Regency in 2020.

CPA corporation purchased a 10% interest in ABC co. on January 1, 2021 as an available for sale investment for a price of P120,000. On January 1, 2022, CPA purchase 7,000 additional shares of ABC from existing stockholders for P945,000. This purchase increased CPA's interest to 70%. ABC had the following statement of financial position just prior to the second purchase. Current Assets 495,000 Building, Net Equipment, Net 420,000 300,000 Liabilities 195,000 Common Stock, P30 par Retained Earnings 300,000 720,000 On the date of second purchase, CPA determines that the equipment was understated by 150,000 and had a remaining life of 5yrs. All other book values approximate their fair values. Any remaining excess is attributed to goodwill. On January 1, 2022 consolidated financial position, what is the amount of goodwill to be reported?

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Crane Inc. earns $400000 and pays cash dividends of $100000 during 2020. Blossom Corporation owns 60000 of the 200000 outstanding shares of Crane Inc.How much revenue from investment should Blossom report in 2020?     $30000   $150000   $90000   $120000

Adams owns 80% of Williams and has a carrying value of the investment at January 1, 2020, of $600,000. On that date, Adams sells 20% of its investment for $150,000 reducing its ownership to 60%. What journal entry is recorded by Williams at that date

Mathilda Corp has a 90% interest in Gambit Co. while the latter has an 80% interest in Chan Corp. For the year ended December 31,2019. The net income from own operations of these three companies were: Mathilda- Php1M, Gambit-Php500K, and Chan-Php 250K. What is the amount of minority interest in net income for 2019.

Gulko owns 60% of Larsen. In 2020  Gulko reports Sales of $4,000,000, which includes 3rd party sales of $3,500,000 and intercompany sales of $500,000. Larsen reports intercompany sales of $200,000 and total sales of $700,000.  How much is Consolidated Sales.

on 1/1/20, ABC Corp bought 500 shares of XYZ Corp for $10,000. XYZ Corp has 25,000 shares outstanding. on 6/1/20, XYZ pays a $100,000 cash dividend to all shareholders. On 12/31/20, XYZ is trading at $22/share and during 2020 XYZ reported net income of $250,000. What is the total effect on net income for ABC from this investment? Assume ABC reports annually on a calendar year basis.

What is the consolidated cost of sales for 2020?

Strawberry company purchased 70% of the outstanding voting share of Apple company at the beginning of 2019 OMR 400,000. The dividend distribution in the year of 2019 OMR 50,000. What is the entry of dividend income? Select one: a. Cash A/C Dr 400,000 Dividend Income Cr 400,000 b. Cash A/C Dr 280,000 Dividend Income Cr 280,000 С. Cash A/C Dr 50,000 Dividend Income Cr 50,000 O d. Cash A/C Dr 35,000 Dividend Income Cr 35,000