Please included a brief explanation thank you The trial balances for Walla Corporation and Au Inc. at December 31, Year 4, just before the transactiondescribed below, were as follows:Walla$293,000613,000513,000413,000213,000613,000813,000Au Inc.Current assets$203,000463,000283,000323,00063,000253,000653,000343,000LandOther tangible assetsLiabilitiesCommon sharesRetained eamings, 1/1/YearRevenuesExpenses633,000On December 31, Year 4, Walla purc hased all of the outstanding shares of Au Inc. by issuing 25,000common shares with a market value of $30 per share. The carrying amounts of Au Inc.'s assets andliabilities were equal to fair value except for the following:Fair ValueLand$513,000Liabilities343,000Required:What are the balances for the land, goodwill, investment in common shares, liabilities, common shares,and revenues after the transaction noted above on (Leave no cells blank - be certain to enter "0"wherever required.)(a) Walla's separate entity financ ial statements?(b) Au Inc.'s separate entity financial statements?(c) Walla's consolidated financial statements?

Goodwill is an intangible asset that is recorded while acquiring an asset. Iris subject to…

Answered: The trial balances for Walla…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Topic: Non-Current Assets Held for Sale and Discontinued Operations 15. Which of the following shall be recognized by the entity in its 20x3 financial statements? Held for ale asset Impairment loss a. P1,100,000 P450,000 b. P1,000,000 P350,000 c. P750,000 P250,000 d. P0 P350,000 16. Requirement: Provide the journal entry on December 31, 20x3.
At December 31, 2023, Sandhill Corp's general ledger includes the following account balances: Copyrights $52500 Deposits with advertising agency (will be used to promote goodwill) 43000 Discount on bonds payable 74000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 589500 Trademarks 106000 In the preparation of Sandhill's balance sheet as of December 31, 2023, what should be reported as total intangible assets? O $158500 O $748000 $791000 O $822000
Identify how much to add or deduct from the Investment in Associate account of ABC based on the following transactions or events: As of Jan. 1, 2021, the fair value of the inventory of X was P100,000 higher than its carrying value. All of the inventory were sold as of the end of the year.
P8-8 Part 1 Required: 1. For each of these transactions, indicate the accounts, amounts, and effects (+ for increase and for decrease) on the accounting equation. a. Required information P8-8 (Algo) Determining Financial Statement Effects of Activities Related to Various Long-Lived Assets LO8-2, 8-3, 8-6 [The following information applies to the questions displayed below.] During the current year ending on December 31, BSP Company completed the following transactions: a. On January 1, purchased a patent for $29,000 cash (estimated useful life, five years). b. On January 1, purchased the assets (not detailed) of another business for $153,000 cash, including $14,000 for goodwill. The company assumed no liabilities. Goodwill has an indefinite life. c. On December 31, constructed a storage shed on land leased from D. Heald. The cost was $29,600. The company uses straight-line depreciation. The lease will expire in six years. (Amounts spent to enhance leased property are capitalized as…
For letters a to d, identify how much to add or deduct from the Investment in Associate account of ABC based on the following transactions or events: a. As of Jan. 1, 2021, the fair value of the inventory of X was P100,000 higher than its carrying value. All of the inventory were sold as of the end of the year. b. The fair value of equipment held by X is P500,000 while its carrying value is P360,000 as of the beginning of the year. It has a remaining useful life of 3 years as of Dec. 31, 2021. c. X sold inventories costing P150,000 to ABC for P200,000. Only 75% of these inventories were sold by ABC to third parties as of the end of the year. d. Actuarial gains for the year totaled P400,000.
On December 31, Year 1, Valur Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet: Available-for-sale investments (at cost) $145,000Plus valuation allowance for available-for-sale investments 40,000Available-for-sale investments (at fair value) $185,000There were no purchases or sales of available-for-sale investments during Year 2. On December 31, Year 2, the fair value of the available-for-sale investment portfolio was $200,000. The net income of Valur Co. was $210,000 for Year 2.Compute the comprehensive income for Valur Co. for the year ended December 31, Year 2.
Topic: Non-Current Assets Held for Sale and Discontinued Operations 11. Which of the following shall be recognized by the entity in its 20x4 financial statements? a. Property, plant and equipment for P400,000 b. Property, plant and equipment for P1,000,000 c. Noncurrent asset held for sale for P950,000 d. Noncurrent asset held for sale for P1,000,000 18. Requirement: Provide the journal entry on December 31, 20x4.
The general ledger of Sunland Corporation as of December 31, 2021, includes the following accounts: Copyrights $ 56000 Deposits with advertising agency (will be used to promote goodwill) 33000 Discount on bonds payable 76000 Excess of cost over fair value of identifiable net assets of Acquired subsidiary 540000 Trademarks 71000 In the preparation of Sunland's balance sheet as of December 31, 2021, what should be reported as total intangible assets? $644000. $611000. $667000. $700000.
SPK NOW Company owned the following investments at year-end before fair value adjustments and amortization: FA@FVTPL, P 600,000; FA@FVTOCI, P350,000; FA@AC, P470,000. What total amount of noncurrent assets related to the investments should be reported at year-end? a.P950,000 b.P1,420,000 c. P470,000 d. P820,000
Question:The following is the extract from trial balance of G Limited, subsidiary of Y Limited for the year ended 31 December 2021. Dr CrInventory on hand: 31/12/2020 50 000 Sales 1025000Purchases 350 000 Depreciation 25 000 Rent income 40 000Dividend paid 11 000 Other expenses 300 000 Income tax expense 145 000 Additional information: 1. Y Limited acquired its interest in G limited on the 1 st May 2021. 2.The average monthly sales of G Limited accrued evenly throughout the year.…
The general ledger of Proton Corporation as of December 31, 2022, includes the following accounts: Copyrights P 30,000 Deposits with advertising agency (will be used to promote goodwill) 27,000 Bond sinking fund 70,000 Excess of cost over fair value of identifiable net assets of acquired subsidiary 390,000 Trademarks 120,000 In the preparation of Proton's statement of financial position as of December 31, 2022, what should be reported as total intangible assets? O P567,000 O P537,000 O P510,000 O P540,000
Following is a list of items relating to the financial statements of YKN Bhd for the year ended 31December 2020• Amortisation of intangible assets of RM346,339• Corporate tax rate is at 24%.• Finance costs of RM831,138• Finance income of RM173,421• Gain due to exchange differences from translating functional currencies into presentationcurrency of RM120,000• Gain on disposals of major subsidiaries amounted to RM1,500• Gain on sales of manufacturing operating segment of RM100,000• Gains on re-measuring available-for-sale investment of RM80,000• Loss on litigation settlements of RM2,125,000• Loss amounted to RM450,000 due to disposal of its cotton mills, which constitute amajor line of business• Loss arising from translating the financial statements of a foreign operation of RM33,000• Loss from disposal of financial assets of RM50,000• Loss on disposals of items of property, plant and equipment of RM34,000• Loss on impairment of goodwill of RM110,000• Loss on re-measuring financial…

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