Taylor Inc. acquires trademarks from Wilson Co. for a total of $1,200,000. The trademarks were carried on Wilson's books as follows: ■ Trademark X: $400,000 ⚫ Trademark Y: $300,000 . Trademark Z: $500,000 When Taylor acquired the trademarks, their fair market values were: ⚫ Trademark X: $450,000 . Trademark Y: $350,000 ⚫ Trademark Z: $450,000 At what amount should Taylor record Trademark Y? a. $350,000 b. $300,000 c. $450,000 d. $400,000

On Jan. 1, 2022, ABC Co. sold a machinery to XYZ Co. for P1,900,000. Because of the entity's commitments to its customers to provide their needs for the next 4 years, ABC simultaneously leased back the machinery. The transfer of the asset to the buyer qualifies to be accounted for as a sale under IFRS 15. Information relating to this transaction follows:FV of machinery, P2,200,000CA of machinery, P1,700,000Remaining useful life of machinery, 6 yearsLease term, 4 yearsAnnual rent payable at the end of each year, P500,000Market rate of interest, 10%PVF, ordinary annuity, 10%, 4 periods, 3.1699PVF, ordinary annuity, 10%, 6 periods, 4.3553PVF, single payment, 10%, 4 periods, 0.6830PVF, single payment, 10%, 6 periods, 0.5645What amount of lease liability should ABC record on Jan. 1, 2022?

Ed acquired all the assets and assumed all the liabilities of JP for P2,500,000. On theacquisition date, JP's net identifiable assets and liabilities have fair values ofP3,500,000 and P1,200,000, respectively.Additional Information:● JP has an unrecorded patent with a fair value of P120,000● JP has Research and Development projects with a fair value of P80,000. JPcharged the cost as an expense when incurred.● Ed is renting out a property to JP under the operating lease. The terms of thelease compared to the market terms are unfavorable. The fair value of thedifferential is P50,000.Compute for the Goodwill.

On January 1, 2022, P Company acquired 80% of S Company forP2,000,000. The fair value of identifiable net assets is P1,800,000. NCI ismeasured at fair value. During 2022, P Company ships merchandise to SCompany costing P1,000, 000 at 20% above cost. Additional data are asfollows:P Company S CompanySales 5,500,000 2,500,000Cost of Sales 3,200,000 1,600,000Operating Expense 650,000 300,000The ending inventories of S Company includes merchandise from PCompany amounting to P60,000. Impairment of goodwill is P20,000.How much is the consolidated gross profit?

Sky Co. acquired 100% interest in Star, Inc.'s net identifiable assets with a fair value of P600,000 for P800,000. The valuation of the consideration transferred includes the following: P30,000 reimbursement for appraisal fees incurred by Star in valuing a patent. P50,000 fair value of a trade secret that Sky will grant Star after the business combination. The trade secret has a carrying amount of P40,000 in Sky's books Requirement: Compute for the goodwill.

Purple Corp. purchased all of the listed assets and liabilities of Sudden Corp. for $1,600,000. The following assets and liabilities were purchased:Book Value Fair MarketValueAccounts receivables $ 140,000 $ 140,000 Inventory 168,000 256,000 Property, plant, and equipment (net) 820,000 1,040,000 Patent 0 276,000 Liabilities (170,000 ) (170,000 )________________________________________ Required:1. What is the appropriate amount that would be recorded for goodwill?         2. Prepare the journal entry for the acquisition. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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On January 1, 2025, Henderson Company purchased 100% of the common stock of Caramel Company for $590,000 cash. Fair values differed from book values as follows:      Fair value Land   100,000 Patent   250,000 Bonds Payable   105,000 The trial balances of the companies at the acquisition date are as follows:   Trial Balance       Account Titles Henderson Caramel Cash 650,000  65,000  Land 120,000  30,000  Buildings, net 250,000  180,000  Goodwill 400,000  200,000 Current Liabilities 170,000  75,000  Bonds Payable 500,000 100,000  Common Stock 70,000  30,000  APIC 350,000  70,000  Retained Earnings 330,000 200,000  Which of the following is not one of the eliminations and adjustments included on the consolidation worksheet at the acquisition date? Question 9Answer a. Debit to Common Stock for $30,000 b. Credit to Goodwill for $200,000 c. Credit to Investment in Sub for $590,000 d. Debit to Land for…

On January 1, 2025, Henderson Company purchased 100% of the common stock of Caramel Company for $590,000 cash. Fair values differed from book values as follows:      Fair value Land   100,000 Patent   250,000 Bonds Payable   105,000 The trial balances of the companies at the acquisition date are as follows:   Trial Balance       Account Titles Henderson Caramel Cash 650,000  65,000  Land 120,000  30,000  Buildings, net 250,000  180,000  Goodwill 400,000  200,000 Current Liabilities 170,000  75,000  Bonds Payable 500,000 100,000  Common Stock 70,000  30,000  APIC 350,000  70,000  Retained Earnings 330,000 200,000  The amount reported for Cash on the consolidated balance sheet at the acquisition date is Question Answer a. $125,000 b. $650,000 c. $65,000 d. $715,000

S acquired 100 percent of F for P275,000. At the date of acquisition, F had the following book and market values: (see image below) What is the amount of the “Investment in F” account on S’s financial records at the acquisition date?