e-for-sale investment for a price of P1 ary 1, 2015, CPA Corporation purchas y from existing stockholders for P945 Sticky Company had the following sta purchases: sets
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- Fill in the blanks: On January 1, 2020 Iskrambol Company purchased 20% of lce Buko Company's ordinary shares for P3,000,000.00. During 2020, Ice Buko reported a net income of P3,500,000.00 and paid a cash dividends of P2,000,000.00 on its ordinary shares. Compute a Investment Income for 2020 The balance of "Investment in associale" as of 12.31.2020 ( Previous 23 fPanthers Corp. purchased 16,000 shares of Canes Corp. for $10 per share on April 1, 2022. As per IFRS 9, Panthers chose to classify this new investment as FVOCI at the time of the purchase. On November 1, 2022 Canes paid a dividend of $6 per share. At balance sheet date the market price of Canes was $9 per share. On March 1, 2023 Panthers sold all 16,000 shares for $15 per share. 1) Prepare the journal entries required under IFRS as well as those that would be required under GAAP.Henesto Company's investment account has the following transaction during the year: Jan. 10, 2020 Acquired the following investments at a lump sum price ofP1,000.000: ABC Company - 1,000 shares (par value, P80; market price is P100 per share) DEF Corporation - 5,000 shares (par value, P100; market price is P105 per share) GHI Company - 5,000 shares (par value, P70; the market price is P75 per share) Henesto Company paid 1% of the price as the broker's fee. Henesto Company classified all the above securities as trading securities. Dec. 31, 2020 The following are the fair values of the investment at year-end: ABC Company - P105 per share DEF Corporation- P99 per share GHI Company - P78 per share June 1, 2021 Henesto Company sold 500 shares of ABC Company at P115 per share. Sept. 1, 2021 The company purchased 2,000 shares of JKL Company for P300,000. The par value of the JKL share is P160. The company paid 1% of its price as a broker's fee. The company classified this investment at…
- The Ludel Company acquired the net assets of the Girl Conrad Company on January 1, 2018, and made the following entry to record the purchases:Current assets P100,000Equipment 150,000Land 50,000Buildings 300,000Goodwill 100,000Liabilities 80,000Common stock, P1 par 100,000Paid-in capital in excess of par 520,0001. Assuming that additional shares on January 1, 2020 would be issued on that date to compensate for any fall in the value of Ludel common stock below P16 per share. The settlement would be to cure the deficiency by issuing added shares based on their fair value on January 1, 2020. The fair price of the shares on January 1, 2020 was P10.What is the additional number of shares issued on January 1, 2020 to compensate for any fall in the value of the stock? a. 60,000b. 100,000c. 10,000d. 160,000 2. The Jonnie Company owns 75% of the Junior Company. On December 31, 2020, the last day of the accounting period, Junior sold to Jonnie a non-current asset for P200,000. The asset…1. On January 3, 2020, Castle Corporation purchased the following equity securities as an investment: Number of Cost of Total Company Shares Share $20 Cost $ 8,000 24,000 600 ,7ב 400 2,000 800 B 12 22 These securities are classified as available for sale. Required: a. Prepare the journal entry to record the acquisition of the stock. b. On June 30, 2020, C Company paid dividends of $3.00 per share. Prepare the journal entry that would be used by Castle to record the dividend receipt. c. On December 31, 2020, the market values per share were: Company Market Value A $22 B 12 20 Prepare any journal entry or entries necessary to record these changes in market value. d. On March 14, 2021, Castle sold 800 shares of C Company for $18 per share. Prepare the journal entry to record the sale.12) Pinky Co. acquired 80% of Scar Co. ordinary share capital on 1 January 2012. As at 31 December 2012 the extract from their individual statements of financial position showed: Current Assets: Receivables Current Liabilities: Payables Select one: O a. O b. Oc. O d. Pinky Co $ 50,000 70,000 As a result of trading during the year Pinky Co.'s receivables balance included an amount due from Scar Co: of $4,600. What should be the shown as the consolidated figure for receivables and payables? $80,000 and $112,000 $75400 and $112,000 $74,000 and $103,600 $75,400 and $107,400 Scar Co $ 30,000 42,000
- Discuss the relevant accounting treatments Kof-Let Berhad acquired 20% and 55% of equity interests in two of itssuppliers, EP Premium Berhad and Sahara Berhad respectively on 1 January2016. As the demand for the products of Kof-Let Berhad had increasedtremendously, the company had decided to increase additional 30% of itsshareholding in EP Premium Berhad on 1 January 2022.Joe Company's investment account has the following transaction during the year: Jan. 10, 2020 Acquired the following investments at a lump sum price of P1,000,000: ABC Company - 1,000 shares (par value, P80; market price is P100 per share) DEF Corporation - 5,000 shares (par value, P100; market price is P105 per share) GHI Company - 5,000 shares (par value, P70; the market price is P75 per share) Joe Company paid 1% of the price as the broker's fee. Joe Company classified all the above securities as trading securities. Dec. 31, 2020 The following are the fair values of the investment at year-end: end: ABC Company – P105 per share DEF Corporation – P99 per share GHI Company – P78 per share June 1, 2021 Joe Company sold 500 shares of ABC Company at P115 per share. Sept. 1, 2021 The company purchased 2,000 shares of JKL Company for P300,000. The par value of the JKL share is P160. The company paid 1% of its price as a broker's fee. The company classified this investment…Presented below are two independent situations. (1) Grand Cosmetics acquired 10% of the 200,000 ordinary shares of Cey Fashion at a total cost of $12 per share on March 18, 2020. On June 30, Cey declared and paid a $60,000 dividend. On December 31, Cey reported net income of $110,000 for the year. At December 31, the market price of Cey Fashion was $15 per share. The shares are classified as non-trading. (2) Unruh, Inc. obtained significant influence over Olsen Corporation by buying 25% of Olsen's 40,000 outstanding ordinary shares at a total cost of $7 per share on January 1. 2020. On June 15, Olsen declared and paid a cash dividend of $30,000. On December 31. Olsen reported a net income of SS0.000 for the year. Instructions Prepare all the necessary journal entries for 2020 for (a) Grand Cosmetics and (b) Unruh, Inc
- On January 1, 2015, Port Company acquires 8,000 shares of Solvo Company by issuing 10,000 of its common stock shares with a par value of $10 per share and a fair value of $70 per share. The price paid reflects a control premium. The market value of the shares owned by the NCI is $80 per share. At the time of the purchase, Solvo has the following balance sheet:Appraisals indicate that book values are representative of fair values with the exception of the land and building. The land has a fair value of $180,000, and the building is appraised at $450,000. The building has an estimated remaining life of 20 years. Any remaining excess is goodwill.The following summary of Solvo’s retained earnings applies to 2015 and 2016:Balance, January 1, 2015. . . . . . . . . . . . . . . . . . . $250,000Net income for 2015. . . . . . . . . . . . . . . . . . . . . 60,000Dividends paid in 2015. . . . . . . . . . . . . . . . . . . (10,000)Balance, December 31, 2015 . . . . . . . . . . . . . . . $300,000Net…On April 2, 2020, enson Ltd. acquired 2,500 shares of Lam Corp. for $5o,000: ihts investmentrepresents a 18% interest in Lam Corp. Jenson Ltd. has classified this investment as FVTLP. OnOctober 31, 2020, Lam Corp. paid a $42,000 dividend to its shareholders. At March 31, 2021, LamCorp.'s shares were valued at $15 per share and Lam Corp. reported net income of $145,000 forthe year. On May 15, 2021, Jenson Ltd. sold the shares for $25,000. Both Jenson Ltd. and LamCorp. have March 31, 2021 year-ends.Required:Prepare dated journal entries for the investment on the acquiring company's books fromacquisition to disposal. Ignore income taxes. Journal entry descriptions are optional:On January 1, 2008, Lallo Company purchased 15% of Vintar Company’s ordinary shares for P20,000,000. Thefollowing data concerning Vintar Company are available:2008Net incomeP6,000,000Cash dividend paid None2009Net incomeP7,000,000Cash dividend paid15,000,000In its income statement for the year ended December 31, 2009, how much should Lallo report as income from this investment?