i have an assignment in advanced financial accounting can you help
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Q1- P Inc. acquired 100% of S Inc.’s outstanding common stock for $ 1,500,000 cash. Divide the cost into its major elements and prepare the consolidation entices as of the acquisition date. Prepare basic elimination entry and excess value reclassification entry from the following information:(2.5 Marks)
Q2- Passion Company created Sound Company with a transfer of $ 1,000 cash. During Sound Company’s first year of operation, it generated a net loss of $ 180 and paid no dividend. During Sound Company’s Second year of operation, it generated net income of $ 350 and paid dividend of $ 70. What journal entries would Passion Company make under Cost Method and Equity Method for both of the years? (1.5 Marks)
Q3- Petro Company acquires 18% of Santro Company’s Common Stock for $ 250,000 at the beginning of the year but does not gain significant influence over Santro. During the year Santro has net income of $ 75,000 and pays dividend of $ 15,000. Record the necessary transactions in the book of Petro Company applying Cost Method. (1 Mark)
|
Book Value |
Current Value |
|
|
Cash |
50,000 |
50,000 |
|
Account Receivable |
150,000 |
150,000 |
|
Notes Receivable |
120,000 |
60,000 |
|
Land |
410,000 |
540,000 |
|
Building & Equipment |
500,000 |
610,000 |
|
Patent |
40,000 |
130,000 |
|
Goodwill |
100,000 |
— |
|
Total Assets |
1370,000 |
1540,000 |
|
Payables & Accruals |
120,000 |
120,000 |
|
Long Term Debt |
720,000 |
650,000 |
|
Total Liabilities |
840,000 |
770,000 |
|
Common Stock |
130,000 |
|
|
Additional Paid In Capital |
470,000 |
|
|
Retained Earnings |
380,000 |
|
|
Total Equity |
980,000 |
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