Following are selected accounts for Mergaronite Company and Hill, Inc., as of December 31, 2015. Several of Mergaronite’s accounts have been omitted. Credit balances are indicated by parentheses. Dividends were declared and paid in the same period.
Assume that Mergaronite took over Hill on January 1, 2011, by issuing 7,000 shares of common stock having a par value of $10 per share but a fair value of $100 each. On January 1, 2011, Hill’s land was undervalued by $20,000, its buildings were overvalued by $30,000, and equipment was undervalued by $60,000. The buildings had a 10-year remaining life; the equipment had a 5-year remaining life. A customer list with an appraised value of $100,000 was developed internally by Hill and was to be written off over a 20-year period.
a. Determine and explain the December 31, 2015, consolidated totals for the following accounts:
b. In requirement ( a ), why can the consolidated totals be determined without knowing which method the parent used to account for the subsidiary?
c. If the parent uses the equity method, what consolidation entries would be used on a 2015
Would the springs inside a bathroom scale be more compressed or less compressed if you weighed yourself in an elevator that was moving upward at constant velocity? Downwa...Apr 01 2020
a hydraulic turbine is provided with 4.25m3/s of water at 415kpa. a vacuum gage in the turbine discharge 3m below the turbine inlet centerline reads 250mm Hg vacuum.If th...Apr 27 2020
Find the interest rates earned on each of the following: a. You borrow $720 and promise to pay back $792 at the end of 1 year. b. You lend $720 and the borrower promises ...Apr 07 2020
Psychology assignment 4What is your opinion about using animals for research? Was your opinion affected by the readings for this assignment? Under what circumstances, or ...Aug 09 2020
Responds to three (3) other learners by asking critical, open-ended questions and/or providing additional examples/sources demonstrating understanding and application of ...Mar 17 2020
Which of the following actions will best enable a company to raise additional equity capital? Select one: a. Begin an open-market purchase dividend reinvestment plan. b. ...Aug 20 2020
This Waring keeps popping up, and it says...?Apr 24 2020
THE OWNER OF A GASOLINE STATION WANTS TO STUDY GASOLINE PURCHASING HABITS OF MOTORISTS AT HIS STATION. HE SELECTS A RANDOM SAMPLE OF 60 MOTORISTS DURING A CERTAIN WEEK , ...Apr 19 2020
In this assignment, you will be required to calculate descriptive statistics for each numeric variable in the Heart Rate Dataset Steps 1. Open the Heart Rate Dataset in...Apr 16 2020
In a survey, 11 male statistics students were asked to report their height in inches. Their heights were then accurately measured after the survey was completed. The mea...Apr 19 2020
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.