The condensed financial statements for Aylmer Inc and London Co for the year ended December 31, Year 5, are as follows:         On December 31, Year 5, after the above figures were prepared, Aylmer issued $375,000 in debt and 13,000 new shares to the owners of London for 75% of the outstanding shares of that company.  Aylmer shares had a fair value of $36.50 per share.   Aylmer paid $26,590 to a broker for arranging the transaction.  In addition, Aylmer paid $41,668 in stock issuance costs.              Required: 1.     Using the fair value enterprise method, what are the consolidated balances for the year ended December 31, Year 5, for the following accounts? (a) Cash (b) Retained earnings, 1/1/Year 5 (c) Equipment (d) Patented technology (e) Goodwill (f) Liabilities (g) Common shares (h) Non-controlling interests   2.     Using the identifiable net assets method, what are the consolidated balances for the year ended December 31, Year 5, for the following accounts? (a) Goodwill (b) Non-controlling interests.   Use excel to answer these questions.  Show calculations as necessary.

Chowking Company engaged in the following investment transactions during the current year:   February 1 Purchased 5,000 ordinary shares of ZZZ Company for P200 per share plus a brokerage commission of P50,000.  These shares are classified as trading securities. June 25 Received P120 per share dividend on ZZZ Company shares. October 1 Purchased 20,000 shares of XXX Company for P150 per share plus brokerage fee of P100,000. These shares are designated at FVOCI. December 31 Received P50 per share dividend on XXX Company shares.   31 ZZZ Company shares are selling for P250 and XXX shares are selling for P180.   What net amount of income should be reported for the current year?

On May 12, year 1, Chewco Co. Purchased... Please provide answer the general accounting question

I want to correct answer accounting questions

On January 2, Cohan Company acquired 40% of the outstanding stock of Sanger Company for $677,000. For the year ended December 31, Sanger Company earned income of $149,000 and paid dividends of $27,500. Prepare the entries for Cohan Company for the purchase of the stock, the share of Sanger income, and the dividends received from Sanger Company. Refer to the Chart of Accounts for exact wording of account titles.

Gioia Company acquired some of the 65,000 shares of outstanding common stock (no par) of Tristezza Corporation during the current year as a long-term investment. The annual accounting period for both companies ends December 31. The following transactions occurred during the current year: Jan. 10 Purchased 17,875 shares of Tristezza common stock at $11 per share. Dec. 31 a. Received the current year financial statements of Tristezza Corporation that reported net income of $80,000. b. Tristezza Corporation declared a cash dividend of $0.60 per share. c. Tristezza Corporation paid the cash dividend declared in (b). d. Determined the market price of Tristezza stock to be $10 per share. Required: 2. Prepare the journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

On June 30, 2023, Wisconsin, Incorporated, issued $392,500 in debt and 15,400 new shares of its $10 par value stock to Badger Company owners in exchange for all of the outstanding shares of that company. Wisconsin shares had a fair value of $40 per share. Prior to the combination, the financial statements for Wisconsin and Badger for the six-month period ending June 30, 2023, were as follows (credit balances in parentheses): Revenues Expenses Items Net income Retained earnings, 1/1 Net income Dividends declared Retained earnings, 6/30 Cash Receivables and inventory Patented technology (net) Equipment (net) Total assets Liabilities Common stock Additional paid-in capital Retained earnings Total liabilities and equities Accounts Required: What are the consolidated balances for the following accounts? Note: Input all amounts as positive values a. Net income b. Retained earnings, 1/1/23 c. Patented technology (net) d. Goodwill e. Liabilities Wisconsin $ (1,023,000) 692,000 $ (331,000) $…

On January 2, Cohan Company acquired 40% of the outstanding stock of Sanger Company for $677,000. For the year ended December 31, Sanger Company earned income of $149,000 and paid dividends of $27,500. Prepare the entries for Cohan Company for the purchase of the stock, the share of Sanger income, and the dividends received from Sanger Company. Refer to the Chart of Accounts for exact wording of account titles.   CHART OF ACCOUNTS Cohan Company General Ledger   ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 121 Allowance for Doubtful Accounts 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 161 Investment in Sanger Company Stock 165 Valuation Allowance for Trading Investments 166 Valuation Allowance for Available-for-Sale Investments 181 Land 193 Office Equipment 194 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 221 Notes Payable 231 Interest…

The balance sheets of E Ltd. and J Ltd. on December 30, Year 6, were as follows: Cash and receivables Inventory Plant assets (net) Intangible assets Current liabilities Long-term debt Common shares Retained earnings (deficit) Costs of arranging the acquisition Costs of issuing shares. On December 31, Year 6, E Ltd. issued 497 shares, with a fair value of $26 each, for 70% of the outstanding shares of J Ltd. Costs involved in the acquisition, paid in cash, were as follows: Plant assets Long-term debt The carrying amounts of J Ltd.'s net assets were equal to fair values on this date except for the following: Assets Liabilities and Equity J Ltd. $ 20,900 9,700 71,900 7,400 $ 109,900 $ 64,400 $ 30,100 98,900 45,200 155,800 46,600 91,500 (12,000) $ 410,600 $ 109,900 Fair value $ 65,700 42,800 E Ltd. was identified as the acquirer in the combination. Required: (a) Prepare the consolidated balance sheet of E Ltd. on December 31, Year 6, under the identifiable net assets method. Assets E Ltd.…

Crane Corporation has 2,000 shares of stock outstanding. It redeems 500 shares for $370,000 when it has paid-in capital of $300,000 and E & P of $1,200,000. The redemption qualifies for sale or exchange treatment for the shareholder. Crane incurred $13,000 of accounting and legal fees in connection with the redemption transaction and $18,500 of interest expense on debt incurred to finance the redemption. What is the effect of the distribution on Crane Corporation’s E & P? Also, what is the proper tax treatment of the redemption expenditures?