On 1/1/X1 Poncho acquired an 80% interest in Stroller for $560,000 when Stroller's equity consisted of $530,000 paid-in capital and $100,000 Retained Earnings. Any excess of purchase price over was attributed to goodwill. On January 1, 20X6, Stroller had the following stockholders' equity: $\begin{array}{lr} \text { Common stock }(\$ 20 \text { par) } & \$ 180,000 \\ \text { Paid-in capital in excess of par } & 350,000 \\ \text { Retained earnings } & 220,000\\ \text { Total stockholders' equity }&\$750,000 \end{array}$ On January 2, 20X6, Company S sold 1,000 additional shares to noncontrolling shareholders in a public offering for $50 per share. Stroller's net income for 20X6 was 80,000. Poncho uses the simple equity method to record its investment in Stroller. Required: a. Prepare Poncho's journal entry to adjust its Investment in Stroller account on January 2, 20X6. Assume that Poncho has $500,000 additional paid-in capital. b. Determine the carrying value of Poncho's Investment in Stroller account on December 31, 20X6.

The answer of On 1/1/X1 Poncho acquired an 80% interest...

Porter & Solheim: On January 1, 20X1, Porter, Inc. paid $600,000 for its 75% interest in Solheim Company when Solheim had total equity of $550,000. Any excess of cost over book value was attributable to equipment with a 10-year life. Porter's investment in Solheim Company is recorded under the cost method. Solheim had the following stockholders' equity on the dates shown: $\begin{array}{lrrr}&1 / 1 / \mathrm{X} 1&1 / 1 / \mathrm{X} 3&1 / 1 / \mathrm{X} 4\\ \text { Common stock } \$ 10 \text { par } & \$ 100,000 & \$ 100,000 & \$ 125,000 \\ \text { Other paid-in capital } & 200,000 & 200,000 & 375,000 \\ \text { Retained earnings } & 250,000 & 350,000 & 400,000 \end{array}$ -Refer to Porter & Solheim. On January 2, 20X3, Solheim Company sold 2,500 additional shares of stock for $80 each in a private offering to noncontrolling shareholders. As a result of this issuance, the Porter's "Investment in Solheim" account should be adjusted by ____.

A) $7,500 B) $9,600 C) $11,500 D) $11,250 A) $7,500 B) $9,600 C) $11,500 D) $11,250

Company P purchased a 80% interest in the Company S on January 1, 20X1, for $600,000. Any excess of cost is attributed to the Company's building with a 20-year life. The equity balances of Company S are as follows: $\begin{array}{lrr}&\text { January } 1,20 \mathrm{X} 1&\text { December } 31,20 \mathrm{X} 4\\ \text { Common stock, } \$ 10 \text { par } & \$ 100,000 & \$ 140,000 \\ \text { Other paid-in capital } & 200,000 & 280,000 \\ \text { Retained earnings } & 250,000 & 450,000 \end{array}$ The only change in paid-in capital is a result of a 40% stock dividend paid in 20X3. The cost to simple equity conversion to bring the investment account to its December 31, 20X4, balance is ____.

A) $30,000 B) $136,000 C) $160,000 D) $256,000 A) $30,000 B) $136,000 C) $160,000 D) $256,000

Exam 8: Subsidiary Equity Transactions; Indirect and Mutual Holdings

On January 1, 20X1, Parent Company purchased 90% of the common stock of Sub-A Company for $90,000. On this date, Sub-A had common stock, other paid-in capital, and retained earnings of $10,000, $20,000, and $60,000 respectively. On January 1, 20X2, Sub-A Company purchased 80% of the common stock of Sub-B Company for $64,000. On this date, Sub-B Company had common stock, other paid-in capital, and retained earnings of $5,000, $30,000, and $40,000 respectively. Any excess of cost over book value on either purchase is due to a patent, to be amortized over ten years. Both Parent and Sub-A have accounted for their investments using the simple equity method. During 20X2, Sub-B sold merchandise to Sub-A for $20,000, of which one-fourth is still held by Sub-B on December 31, 20X2. Sub-B's usual gross profit is 40%. During 20X3, Sub-B sold more goods to Sub-A for $30,000, of which $10,000 is still on hand on December 31, 20X3. Required: Complete the Figure 8-9 worksheet for consolidated financial statements for 20X3.

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Question 1

Correct Answer:

Verified

For the worksheet solution, please refer to Answer 8-9. Eliminations and Adjustments:
CY1
Eliminate the current-year entries made in the Parent's investment account and in the Sub-A income and dividends declared accounts.
EL1
Eliminate 90% of Sub-A Company equity balances at the beginning of the year against the Parent's investment account.
D1
Distribute the $10,000 excess of cost over book value to the patent.
A1
Amortize Sub A's patent over 10 years, with $2,000 for 20X1 and 20X2 charged to Parent and Sub A's retained earnings and $1,000 for 20X3 to operating expenses.
CY2
Eliminate the current-year entries made in Sub A's investment account and in the Sub-B income and dividends accounts.
EL2
Eliminate 80% of Sub-B Company equity balances at the beginning of the year against Sub A's investment account.
D2
Distribute the $5,000 excess of cost over book value to the patent.
A2
Amortize the patent over 10 years, with $500 for 20X2 charged 72% RE-Parent, 8% RE-Sub A, and 20% RE-Sub B and $500 for 20X3 to operating expenses.
BI
Recognize the $2,000 intercompany gross profit in the beginning inventory and allocate 72% RE-Parent, 8% RE-Sub A, and 20% RE-Sub B.
IS
Eliminate the intercompany sales and purchases.
EI
Defer the intercompany gross profit in the ending inventory.
Income distribution schedule

Which of the following situations is a mutual holding?

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Question 2

Correct Answer:

Verified

On January 1, 20X1, Parent Company purchased 8,000 shares of the common stock of Subsidiary Company for $350,000. On this date, Subsidiary had 20,000 shares of $5 par common stock authorized, 10,000 shares issued and outstanding. Other paid-in capital and retained earnings were $150,000 and $200,000 respectively. On January 1, 20X1, any excess of cost over book value is due to a patent, to be amortized over 15 years. Parent Company uses the simple equity method to account for its investment in Sub. Subsidiary's net income and dividends for two years were: 20X1 20X2 Net income \ 50,000 \ 90,000 Dividends 10,000 30,000 On January 1, 20X2, Subsidiary Company sold an additional 2,500 shares of common stock to noncontrolling shareholders for $50 per share. In the last quarter of 20X2, Subsidiary Company sold goods to Parent Company for $40,000. Subsidiary's usual gross profit on intercompany sales is 40%. On December 31, $7,500 of these goods are still in Parent's ending inventory. Required: Complete the Figure 8-5 worksheet for consolidated financial statements for 20X2. $On January 1, 20X1, Parent Company purchased 8,000 shares of the common stock of Subsidiary Company for $350,000. On this date, Subsidiary had 20,000 shares of $5 par common stock authorized, 10,000 shares issued and outstanding. Other paid-in capital and retained earnings were $150,000 and $200,000 respectively. On January 1, 20X1, any excess of cost over book value is due to a patent, to be amortized over 15 years. Parent Company uses the simple equity method to account for its investment in Sub. Subsidiary's net income and dividends for two years were: \begin{array}{lrr}&20X1&20X2\\ \text { Net income } & \$ 50,000 & \$ 90,000 \\ \text { Dividends } & 10,000 & 30,000 \end{array} On January 1, 20X2, Subsidiary Company sold an additional 2,500 shares of common stock to noncontrolling shareholders for $50 per share. In the last quarter of 20X2, Subsidiary Company sold goods to Parent Company for $40,000. Subsidiary's usual gross profit on intercompany sales is 40%. On December 31, $7,500 of these goods are still in Parent's ending inventory. Required: Complete the Figure 8-5 worksheet for consolidated financial statements for 20X2.$ $On January 1, 20X1, Parent Company purchased 8,000 shares of the common stock of Subsidiary Company for $350,000. On this date, Subsidiary had 20,000 shares of $5 par common stock authorized, 10,000 shares issued and outstanding. Other paid-in capital and retained earnings were $150,000 and $200,000 respectively. On January 1, 20X1, any excess of cost over book value is due to a patent, to be amortized over 15 years. Parent Company uses the simple equity method to account for its investment in Sub. Subsidiary's net income and dividends for two years were: \begin{array}{lrr}&20X1&20X2\\ \text { Net income } & \$ 50,000 & \$ 90,000 \\ \text { Dividends } & 10,000 & 30,000 \end{array} On January 1, 20X2, Subsidiary Company sold an additional 2,500 shares of common stock to noncontrolling shareholders for $50 per share. In the last quarter of 20X2, Subsidiary Company sold goods to Parent Company for $40,000. Subsidiary's usual gross profit on intercompany sales is 40%. On December 31, $7,500 of these goods are still in Parent's ending inventory. Required: Complete the Figure 8-5 worksheet for consolidated financial statements for 20X2.$

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Question 3

Correct Answer:

Verified

For the worksheet solution, please refer to Answer 8-5.
Eliminations and Adjustments:
CY1 & CY2
Eliminate the current-year entries made in the investment account and in the subsidiary income account.
EL
Eliminate 64% of Subsidiary Company equity balances at the beginning of the year against the investment account.
D
Distribute the $37,500 excess of cost over book value to the patent.
A
Amortize the patent over 15 years. Charge the 20X1 amortization to retained earnings of Parent (64%) and Sub (36%); the 20X2 amortization to operating expenses.
adj
Adjust parent's retained earnings for the change in amortization from prior year (80%) to current year (64%)
IS
Eliminate the intercompany sale and purchase of merchandise.
EI
Eliminate the intercompany gross profit in the ending inventory of Parent.

Paula Inc. purchased an 80% interest in the Sharon Co. for $480,000 on January 1, 20X1, when Sharon Co. had the following stockholders' equity: Common stock \ 10 par \ 200,000 Retained earnings \ 300,000 Total equity \ 500,000 Any excess is attributable to goodwill. On January 1, 20X3, Sharon Co. purchased a 10% interest in the Paula Inc. at a price equal to book value. Both firms maintain investments under the cost method. Required: a. Complete the Figure 8-2 partial worksheet for December 31, 20X3, assuming the use of the treasury stock method. b. Calculate the distribution of income for 20X3, assuming that internally generated net income is $50,000 for Paula and $20,000 for Sharon. $Paula Inc. purchased an 80% interest in the Sharon Co. for $480,000 on January 1, 20X1, when Sharon Co. had the following stockholders' equity: \begin{array}{lr} \text { Common stock } \$ 10 \text { par } & \$ 200,000 \\ \text { Retained earnings } & \$ 300,000 \\ \text { Total equity } & \$ 500,000 \end{array} Any excess is attributable to goodwill. On January 1, 20X3, Sharon Co. purchased a 10% interest in the Paula Inc. at a price equal to book value. Both firms maintain investments under the cost method. Required: a. Complete the Figure 8-2 partial worksheet for December 31, 20X3, assuming the use of the treasury stock method. b. Calculate the distribution of income for 20X3, assuming that internally generated net income is $50,000 for Paula and $20,000 for Sharon.$

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Question 4

Apple Inc. owns a 90% interest in Banana Company. Banana Company, in turn, owns a 80% interest in Carrot Company. During 20X4, Carrot Company sold $50,000 of merchandise to Apple Inc. at a gross profit of 20%. Of this merchandise, $10,000 was still unsold by Apple Inc. at year end. The adjustment to the controlling interest in consolidated net income for 20X4 is ____.

(Multiple Choice)

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Question 5

Able Company owns an 80% interest in Barns Company and a 20% interest in Carns Company. Barns owns a 40% interest in Carns Company. The reported income of Carns is $20,000 for 20X4. Which of the following shows how it will be distributed?

(Short Answer)

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Question 6

On 1/1/X1 Poncho acquired an 80% interest in Stroller for $560,000 when Stroller's equity consisted of $530,000 paid-in capital and $100,000 Retained Earnings. Any excess of purchase price over was attributed to goodwill. On January 1, 20X6, Stroller had the following stockholders' equity: Common stock (\ 20 par) \ 180,000 Paid-in capital in excess of par 350,000 Retained earnings 220,000 Total stockholders' equity \7 50,000 On January 2, 20X6, Company S sold 1,000 additional shares to noncontrolling shareholders in a public offering for $50 per share. Stroller's net income for 20X6 was 80,000. Poncho uses the simple equity method to record its investment in Stroller. Required: a. Prepare Poncho's journal entry to adjust its Investment in Stroller account on January 2, 20X6. Assume that Poncho has $500,000 additional paid-in capital. b. Determine the carrying value of Poncho's Investment in Stroller account on December 31, 20X6.

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Question 7

Two types of intercompany stock purchases significantly complicate the consolidation process. The first occurs when the subsidiary issues added shares of stock in a public issue and the parent buys a portion of the shares. The second occurs when the subsidiary purchases outstanding shares of the parent company. Required: a. Discuss the current theoretical consolidation procedure for situations in which the parent buys a portion of the newly issued subsidiary shares that is (1) equal to its existing ownership percentage, (2) greater than its existing ownership percentage, and (3) less than its existing ownership percentage. b. Discuss the most widely supported, current theoretical consolidation procedures used when the subsidiary purchases outstanding common stock shares of the parent.

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Question 8

Able Company owns an 80% interest in Barns Company and a 20% interest in Carns Company. Barns owns a 40% interest in Carns Company.

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Question 9

Paul & Stephan: On January 1, 20X1, Paul, Inc. acquired a 90% interest in Stephan Company. The $45,000 excess of purchase price (parent's share only) was attributable to goodwill. On January 1, 20X3, Stephan Company had the following stockholders' equity: Common stock, \ 10 par \ 100,000 Other paid-in capital 200,000 Retained earnings 300,000 On January 2, 20X3, Stephan sold 2,000 additional shares in a private offering. -Refer to Paul and Stephan. Stephan issued the new shares for $80 per share; Paul, Inc. purchased all the shares. What is the journal entry that Paul will prepare to record this investment? $Paul & Stephan: On January 1, 20X1, Paul, Inc. acquired a 90% interest in Stephan Company. The $45,000 excess of purchase price (parent's share only) was attributable to goodwill. On January 1, 20X3, Stephan Company had the following stockholders' equity: \begin{array}{lr} \text { Common stock, } \$ 10 \text { par } & \$ 100,000 \\ \text { Other paid-in capital } & 200,000 \\ \text { Retained earnings } & 300,000 \end{array} On January 2, 20X3, Stephan sold 2,000 additional shares in a private offering. -Refer to Paul and Stephan. Stephan issued the new shares for $80 per share; Paul, Inc. purchased all the shares. What is the journal entry that Paul will prepare to record this investment?$

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Question 10

On January 1, 20X1, Parent Company purchased 8,000 shares of the common stock of Subsidiary Company for $350,000. On this date, Subsidiary had 20,000 shares of $5 par common stock authorized, 10,000 shares issued and outstanding. Other paid-in capital and retained earnings were $150,000 and $200,000 respectively. On January 1, 20X1, any excess of cost over book value is due to a patent, to be amortized over 15 years. Parent Company uses the simple equity method to account for its investment in Sub. Subsidiary's net income and dividends for two years were: On January 1, 20X2, Subsidiary Company sold an additional 2,500 shares of common stock to noncontrolling shareholders for $50 per share. In the last quarter of 20X2, Subsidiary Company sold goods to Parent Company for $40,000. Subsidiary's usual gross profit on intercompany sales is 40%. On December 31, $7,500 of these goods are still in Parent's ending inventory. Required: Prepare the following items a. Determination and distribution schedule effective 1/1/X1 b. Parent's journal entry to record change in ownership interest due to Sub's issuance of additional shares on 1/1/X2. Support with schedule of Parent's ownership interest before and after the 1/1/X2 issuance. c. All necessary elimination entries necessary to prepare the consolidating worksheet on 12/31/X2

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Question 11

Apple Inc. purchased a 70% interest in the Banana Company for $490,000 on January 1, 20X3, when Banana Company had the following stockholders' equity: At the time of Apple's purchase, Banana Company was an 80% owner of the Carrot Company. Also on that date, Carrot Company has a machine that has a market value in excess of book value of $20,000. There is no difference between book and market value for any Banana Company assets. The goodwill that would result from this purchase is ____. Common stock, \ 10 par \ 100,000 Other paid-in capital 250,000 Retained earnings 150,000

(Multiple Choice)

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Question 12

Porter & Solheim: On January 1, 20X1, Porter, Inc. paid $600,000 for its 75% interest in Solheim Company when Solheim had total equity of $550,000. Any excess of cost over book value was attributable to equipment with a 10-year life. Porter's investment in Solheim Company is recorded under the cost method. Solheim had the following stockholders' equity on the dates shown: 1/1/1 1/1/3 1/1/4 Common stock \ 10 par \ 100,000 \ 100,000 \ 125,000 Other paid-in capital 200,000 200,000 375,000 Retained earnings 250,000 350,000 400,000 -Refer to Porter & Solheim. On January 2, 20X3, Solheim Company sold 2,500 additional shares of stock for $80 each in a private offering to noncontrolling shareholders. As a result of this issuance, the Porter's "Investment in Solheim" account should be adjusted by ____.

(Multiple Choice)

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Question 13

Company P purchased a 80% interest in the Company S on January 1, 20X1, for $600,000. Any excess of cost is attributed to the Company's building with a 20-year life. The equity balances of Company S are as follows: January 1,201 December 31,204 Common stock, \ 10 par \ 100,000 \ 140,000 Other paid-in capital 200,000 280,000 Retained earnings 250,000 450,000 The only change in paid-in capital is a result of a 40% stock dividend paid in 20X3. The cost to simple equity conversion to bring the investment account to its December 31, 20X4, balance is ____.

(Multiple Choice)

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Question 14

Parrot, Inc. purchased a 60% interest in Swallow Company on January 1, 20X1, for $204,000. Any excess of cost was attributable to goodwill. On January 1, 20X4, Swallow purchased 2,400 of its shares held by noncontrolling stockholders for $50 per share. Swallow equity balances on various dates were as follows: Parrot maintains its investment at cost; Swallow recorded the purchase of its shares as treasury stock at cost. Required: Prepare the necessary determination and distribution of excess schedules and all Figure 8-1 worksheet eliminations and adjustments on the following partial worksheet prepared on December 31, 20X5:

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Question 15

A parent company owns a 100% interest in a subsidiary. Recently, the subsidiary paid a 10% stock dividend. The dividend should be recorded on the books of the parent

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Question 16

Company P owns 80% of the 10,000 outstanding common stock of Company S. If Company S issues 2,500 added shares of common stock, and Company P purchases some of the newly issued shares, which of the following statements is true?

(Multiple Choice)

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Question 17

Manke Company owns a 90% interest in Neske Company. Neske, in turn, owns a 10% interest in Manke. Neske has 10,000 common stock shares outstanding, and Manke has 20,000 common stock shares outstanding. How many shares would each firm show as outstanding in the consolidated balance sheet, under the treasury stock method?

(Multiple Choice)

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Question 18

On January 1, 20X1, Prism Company purchased 7,500 shares of the common stock of Sight Company for $495,000. On this date, Sight had 20,000 shares of $10 par common stock authorized, 10,000 shares issued and outstanding. Other paid-in capital and retained earnings were $200,000 and $300,000 respectively. On January 1, 20X1, any excess of cost over book value is due to a patent, to be amortized over 15 years. Sight's net income and dividends for two years were: 20X1 20X2 Net income \ 50,000 \ 80,000 Dividends 10,000 20,000 In November 20X1, Sight Company declared a 10% stock dividend at a time when the market price of its common stock was $50 per share. The stock dividend was distributed on December 31, 20X1. For both 20X1 and 20X2, Prism Company has accounted for its investment in Sight Company using the simple equity method. During 20X1, Sight Company sold goods to Prism Company for $40,000, of which $10,000 was on hand on December 31, 20X1. During 20X2, Sight sold goods to Prism for $60,000 of which $15,000 was on hand on December 31, 20X2. Sight's gross profit on intercompany sales is 40%. Required: Complete the Figure 8-3 worksheet for consolidated financial statements for 20X2. $On January 1, 20X1, Prism Company purchased 7,500 shares of the common stock of Sight Company for $495,000. On this date, Sight had 20,000 shares of $10 par common stock authorized, 10,000 shares issued and outstanding. Other paid-in capital and retained earnings were $200,000 and $300,000 respectively. On January 1, 20X1, any excess of cost over book value is due to a patent, to be amortized over 15 years. Sight's net income and dividends for two years were: \begin{array}{lrr}&20X1&20X2\\ \text { Net income } & \$ 50,000 & \$ 80,000 \\ \text { Dividends } & 10,000 & 20,000 \end{array} In November 20X1, Sight Company declared a 10% stock dividend at a time when the market price of its common stock was $50 per share. The stock dividend was distributed on December 31, 20X1. For both 20X1 and 20X2, Prism Company has accounted for its investment in Sight Company using the simple equity method. During 20X1, Sight Company sold goods to Prism Company for $40,000, of which $10,000 was on hand on December 31, 20X1. During 20X2, Sight sold goods to Prism for $60,000 of which $15,000 was on hand on December 31, 20X2. Sight's gross profit on intercompany sales is 40%. Required: Complete the Figure 8-3 worksheet for consolidated financial statements for 20X2.$ $On January 1, 20X1, Prism Company purchased 7,500 shares of the common stock of Sight Company for $495,000. On this date, Sight had 20,000 shares of $10 par common stock authorized, 10,000 shares issued and outstanding. Other paid-in capital and retained earnings were $200,000 and $300,000 respectively. On January 1, 20X1, any excess of cost over book value is due to a patent, to be amortized over 15 years. Sight's net income and dividends for two years were: \begin{array}{lrr}&20X1&20X2\\ \text { Net income } & \$ 50,000 & \$ 80,000 \\ \text { Dividends } & 10,000 & 20,000 \end{array} In November 20X1, Sight Company declared a 10% stock dividend at a time when the market price of its common stock was $50 per share. The stock dividend was distributed on December 31, 20X1. For both 20X1 and 20X2, Prism Company has accounted for its investment in Sight Company using the simple equity method. During 20X1, Sight Company sold goods to Prism Company for $40,000, of which $10,000 was on hand on December 31, 20X1. During 20X2, Sight sold goods to Prism for $60,000 of which $15,000 was on hand on December 31, 20X2. Sight's gross profit on intercompany sales is 40%. Required: Complete the Figure 8-3 worksheet for consolidated financial statements for 20X2.$

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Question 19

A owns 80% of B and 20% of C. B owns 32% of C, and C owns 10% of A. Which interest will not be included in the consolidated balance sheet?

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Question 20

Showing 1 - 20 of 36

Which of the following situations is a mutual holding?

Able Company owns an 80% interest in Barns Company and a 20% interest in Carns Company. Barns owns a 40% interest in Carns Company. The reported income of Carns is $20,000 for 20X4. Which of the following shows how it will be distributed?

Able Company owns an 80% interest in Barns Company and a 20% interest in Carns Company. Barns owns a 40% interest in Carns Company.

A parent company owns a 100% interest in a subsidiary. Recently, the subsidiary paid a 10% stock dividend. The dividend should be recorded on the books of the parent

Company P owns 80% of the 10,000 outstanding common stock of Company S. If Company S issues 2,500 added shares of common stock, and Company P purchases some of the newly issued shares, which of the following statements is true?

A owns 80% of B and 20% of C. B owns 32% of C, and C owns 10% of A. Which interest will not be included in the consolidated balance sheet?

Business Combinations: New Rules for a Long-Standing Business Practice

Consolidated Statements: Date of Acquisition

Consolidated Statements: Subsequent to Acquisition

Intercompany Transactions: Merchandise, Plant Assets, and Notes

Intercompany Transactions: Bonds and Leases

Cash Flow, Eps, and Taxation

Special Issues in Accounting for an Investment in a Subsidiary

The International Accounting Environment

Foreign Currency Transactions

Translation of Foreign Financial Statements

Interim Reporting and Disclosures About Segments of an Enterprise

Partnerships: Characteristics, Formation, and Accounting for Activities

Partnerships: Ownership Changes and Liquidations

Governmental Accounting: the General Fund and the Account Groups

Governmental Accounting: Other Governmental Funds, Proprietary Funds, and Fiduciary Funds

Financial Reporting Issues

Accounting for Private Not-For-Profit Organizations

Accounting for Not-For-Profit Colleges and Universities and Health Care Organizations

Estates and Trusts: Their Nature and the Accountants Role

Debt Restructuring, Corporate Reorganizations, and Liquidations

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