Questions from Financial Accounting

Q: Assume the same facts as in E8-15 except for the

Assume the same facts as in E8-15 except for the changes in the trial balances, but prepare entries using straight-line amortization of bond discount or premium. Required: Record the journal e...

Q: Mega Corporation purchased 90 percent of Tarp Company’s voting common shares on

Mega Corporation purchased 90 percent of Tarp Company’s voting common shares on January 1, 20X2, at underlying book value. At that date, the fair value of the noncontrolling interest...

Q: Browne Corporation purchased 11,000 shares of Schroeder Corporation on January

Browne Corporation purchased 11,000 shares of Schroeder Corporation on January 1, 20X3, at book value. At that date, the fair value of the noncontrolling interest was equal to 26.6 percent of Schroede...

Q: On January 1, 20X1, Fern Corporation paid Morton Advertising $

On January 1, 20X1, Fern Corporation paid Morton Advertising $116,200 to acquire 70 percent of Vincent Company’s stock. Fern also paid $45,000 to acquire $50,000 par value 8 percent,...

Q: On January 1, 20X1, Fern Corporation paid Morton Advertising $

On January 1, 20X1, Fern Corporation paid Morton Advertising $116,200 to acquire 70 percent of Vincent Company’s stock. Fern also paid $45,000 to acquire $50,000 par value 8 percent,...

Q: Blank Corporation prepared the following summarized balance sheet on January 1,

Blank Corporation prepared the following summarized balance sheet on January 1, 20X1: Shepard Company acquires 80 percent of Blank Corporation’s common stock on January 1...

Q: Gross Corporation issued $500,000 par value 10-year

Gross Corporation issued $500,000 par value 10-year bonds at 104 on January 1, 20X1, which Independent Corporation purchased. On July 1, 20X5, Rupp Corporation purchased $200,000 of Gross bonds from I...

Q: Gross Corporation issued $500,000 par value, 10-

Gross Corporation issued $500,000 par value, 10-year bonds at 104 on January 1, 20X1, which Independent Corporation purchased. On January 1, 20X5, Rupp Corporation purchased $200,000 of Gross bonds fr...

Q: Talbott Company purchased 80 percent of Short Company’s stock on January 1

Talbott Company purchased 80 percent of Short Company’s stock on January 1, 20X8, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 2...

Q: Amazing Corporation purchased $100,000 par value bonds of its

Amazing Corporation purchased $100,000 par value bonds of its subsidiary, Broadway Company, on December 31, 20X5, from Lemon Corporation. The 10-year bonds bear a 9 percent coupon rate, and Broadway o...