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- Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2020, when Scenic had a net book value of $470,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $5,000 per year. Placid Lake's 2021 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $370,000. Scenic reported net income of $180,000. Placid Lake declared $170,000 in dividends during this period; Scenic paid $47,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows: Placid Lake Scenic Inventory $ 210,000 $ 97,000 Land 670,000 270,000 Equipment (net) 470,000 370,000 During 2020, intra-entity sales of $110,000 (original cost of $56,000) were made. Only 10 percent of this inventory was still held within the consolidated entity at the end of 2020. In 2021, $160,000 in intra-entity sales were made…Placid Lake Corporation acquired 90 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2020, when Scenic had a net book value of $610,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $4,000 per year. Placid Lake's 2021 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $510,000. Scenic reported net income of $320,000. Placid Lake declared $200,000 in dividends during this period; Scenic paid $61,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows: Placid Lake Scenic Inventory $ 350,000 $ 111,000 Land 810,000 410,000 Equipment (net) 610,000 510,000 During 2020, intra-entity sales of $180,000 (original cost of $84,000) were made. Only 30 percent of this inventory was still held within the consolidated entity at the end of 2020. In 2021, $300,000 in intra-entity sales were made…Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2020, when Scenic had a net book value of $440,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $7,000 per year. Placid Lake's 2021 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $340,000. Scenic reported net income of $150,000. Placid Lake declared $140,000 in dividends during this period; Scenic paid $44,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows: Placid Lake Scenic Inventory $ 180,000 $ 94,000 Land 640,000 240,000 Equipment (net) 440,000 340,000 During 2020, intra-entity sales of $95,000 (original cost of $50,000) were made. Only 10 percent of this inventory was still held within the consolidated entity at the end of 2020. In 2021, $130,000 in intra-entity sales were made…
- Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on January 1, 202O, when Scenic had a net book value of $540,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $7,000 per year. Placid Lake's 2021 net income before consideration of its relationship with Scenic (and before adjustments for intra- entity sales) was $440,000. Scenic reported net income of $250,000. Placid Lake declared $130,000 in dividends during this period; Scenic paid $54,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows: Placid Lake Scenic $ 280,000 740,000 540,000 $ 104,000 340,000 440,000 Inventory Land Equipment (net) During 2020, intra-entity sales of $145,000 (original cost of $70,000) were made. Only 20 percent of this inventory was still held within the consolidated entity at the end of 2020. In 2021, $230,000 in intra-entity sales were made with an original cost of $73,000. Of this…Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2020, when Scenic had a net book value of $500,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $8,000 per year. Placid Lake's 2021 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $400,000. Scenic reported net income of $210,000. Placid Lake declared $200,000 in dividends during this period; Scenic paid $50,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows: Placid Lake Scenic Inventory $ 240,000 $ 100,000 Land 700,000 300,000 Equipment (net) 500,000 400,000 During 2020, intra-entity sales of $125,000 (original cost of $62,000) were made. Only 10 percent of this inventory was still held within the consolidated entity at the end of 2020. In 2021, $190,000 in intra-entity sales were made…Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2020, when Scenic had a net book value of $500,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $8,000 per year. Placid Lake's 2021 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $400,000. Scenic reported net income of $210,000. Placid Lake declared $200,000 in dividends during this period; Scenic paid $50,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows: Placid Lake Scenic Inventory $ 240,000 $ 100,000 Land 700,000 300,000 Equipment (net) 500,000 400,000 During 2020, intra-entity sales of $125,000 (original cost of $62,000) were made. Only 10 percent of this inventory was still held within the consolidated entity at the end of 2020. In 2021, $190,000 in intra-entity sales were made…
- Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2020, when Scenic had a net book value of $400,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $5,000 per year. Placid Lake's 2021 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $300,000. Scenic reported net income of $110,000. Placid Lake declared $100,000 in dividends during this period; Scenic paid $40,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows: Placid Lake Scenic Inventory $ 140,000 $ 90,000 Land 600,000 200,000 Equipment (net) 400,000 300,000 During 2020, intra-entity sales of $90,000 (original cost of $54,000) were made. Only 20 percent of this inventory was still held within the consolidated entity at the end of 2020. In 2021, $120,000 in intra-entity sales were made…On January 2, 2021, ABC Co. acquired 80% of XYZ Co. ordinary shares for P810,000. An amount of P37,500 of the excess is attributable to goodwill and the balance to a depreciable assets with an economic life of ten years. NCI is measured at fair value on the date of acquisition. On the date of acquisition, shareholder's equity accounts of the two entities were as follows: АВС Ordinary Shares - 1,312,500 Retained Earnings - 1,950,000 XYZ Ordinary Shares - 300,000 Retained Earnings - 525,000 On December 31, 2021, XYZ reported net income of 131,250 and paid dividends of P172,500. Goodwill have been impaired and should be reported at P7,500 on December 31, 2021. #6. What is the non-controlling interest in profit of XYZ on December 31, 2021? Select the correct response: 26,250.00 17,250.00 23,250.00 23,437.50On January 02, 2021, Parent Corporation purchased 80% of SUBSIDIARY Company's ordinary shares for P648,000. P30,000 of the excess (aggregate of consideration and NCI over the book value of net assets) is attributable to goodwill and the balance to an equipment with an economic life of ten years. Non-controlling interest is measured at its fair value on date of acquisition. On the date of acquisition, stockholders' equity of the two companies were as follows: PARENT Corporation. SUBSIDIARY Company Ordinary shares P1,050,000 P240,000 Retained earnings 1,560.000 P420,000 On December 31,2021, SUBSIDIARY Company reported net income of P105,000 and paid dividends of P36,000 to Parent. Parent reported earnings from its own operations of P285,000 and paid dividends of P183,000. Goodwill had been impaired and should be reported at P20.000 on December 31, 2021.(INPUT YOUR ANSWERS IN FIGURES. DO NOT PUT ANY COMMA, PESO SIGN, DECIMALS, AND EXTRA SPACES) 1. What is the non-controllirng interest in…
- On January 2, 2021. PABC corporation acquired 75% of the outstanding ordinaryshares of SDEF Company for P513,000 cash, excluding direct acquisition costs.The investment was accounted for by the cost method. On January 2, 2021,SDEF’s identifiable net assets (book value and fair value) were P570,000. SDEF’snet income for the year ended December 31, 2021 was P304,000. During 2021,PABC received P21,600 cash dividends from SDEF. There were no other intercompany transactions. The balance of the Non-controlling interest in Net assetsof subsidiary account on December 31, 2021 is A. 211,300B. 76,000C. 218,300D. 218,500Placid Lake Corporation acquired 90 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2017, when Scenic had a net book value of $610,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $4,000 per year. Placid Lake's 2018 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $510,000. Scenic reported net income of $320,000. Placid Lake declared $200,000 in dividends during this period; Scenic paid $61,000. At the end of 2018, selected figures from the two companies' balance sheets were as follows: Placid Lake Scenic Inventory $ 350,000 $ 111,000 Land 810,000 410,000 Equipment (net) 610,000 510,000 During 2017, intra-entity sales of $180,000 (original cost of $84,000) were made. Only 30 percent of this inventory was still held within the consolidated entity at the end of 2017. In 2018, $300,000 in intra-entity sales were made…Placid Lake Corporation acquired 90 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2017, when Scenic had a net book value of $580,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $6,000 per year. Placid Lake's 2018 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $480,000. Scenic reported net income of $290,000. Placid Lake declared $170,000 in dividends during this period; Scenic paid $58,000. At the end of 2018, selected figures from the two companies' balance sheets were as follows: Placid Lake Scenic Inventory $ 320,000 $ 108,000 Land 780,000 380,000 Equipment (net) 580,000 480,000 During 2017, intra-entity sales of $165,000 (original cost of $78,000) were made. Only 30 percent of this inventory was still held within the consolidated entity at the end of 2017. In 2018, $270,000 in intra-entity sales were made…