Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Milani inc acquired 10 percent of seida corporation

25/10/2021 Client: muhammad11 Deadline: 2 Day

Equity Method Transactions and Reporting

For this assignment, use your Fundamentals of Advanced Accounting text to complete the following:

Problem 13 on page 30. This assignment tests your knowledge of reporting under the equity method of accounting.

Problem 18 on page 31. You are responsible for preparing journal entries under the equity method of accounting.

On January 3, 2018, Matteson Corporation acquired 40 percent of the outstanding common stock of O’Toole Company for $1,160,000. This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $820,000. Any excess cost over the underlying book value was assigned to a copyright that was undervalued on its balance sheet. This copyright has a remaining useful life of 10 years. For the year ended December 31, 2018, O’Toole reported net income of $260,000 and declared cash dividends of $50,000. At December 31, 2018, what should Matteson report as its investment in O’Toole under the equity method?

Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2017, for $190,000 and appropriately accounted for the investment using the fair-value method. On January 1, 2018, Milani purchased an additional 30 percent of Seida for $600,000 which resulted in significant influence over Seida. On that date, the fair value of Seida’s common stock was $2,000,000 in total. Seida’s January 1, 2018, book value equaled $1,850,000, although land was undervalued by $120,000. Any additional excess fair value over Seida’s book value was attributable to a trademark with an 8-year remaining life. During 2018, Seida reported income of $300,000 and declared and paid dividends of $110,000. Prepare the 2018 journal entries for Milani related to its investment in Seida.

Problem 31 on page 34. This assignment tests your ability to prepare equity method conversion transactions over several years.

On January 1, 2017, Fisher Corporation purchased 40 percent (80,000 shares) of the common stock of Bowden, Inc., for $982,000 in cash and began to use the equity method for the investment. The price paid represented a $60,000 payment in excess of the book value of Fisher’s share of Bowden’s underlying net assets. Fisher was willing to make this extra payment because of a recently developed patent held by Bowden with a 15-year remaining life. All other assets were considered appropriately valued on Bowden’s books.

Bowden declares and pays a $100,000 cash dividend to its stockholders each year on September 15. Bowden reported net income of $400,000 in 2017 and $380,000 in 2018. Each income figure was earned evenly throughout its respective years.

On July 1, 2018, Fisher sold 10 percent (20,000 shares) of Bowden’s outstanding shares for $330,000 in cash. Although it sold this interest, Fisher maintained the ability to significantly influence Bowden’s decision-making process.

Prepare the journal entries for Fisher for the years of 2017 and 2018.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Finance Master
Professor Smith
Smart Accountants
24/7 Assignment Help
Helping Engineer
Custom Coursework Service
Writer Writer Name Offer Chat
Finance Master

ONLINE

Finance Master

I am an academic and research writer with having an MBA degree in business and finance. I have written many business reports on several topics and am well aware of all academic referencing styles.

$24 Chat With Writer
Professor Smith

ONLINE

Professor Smith

I will be delighted to work on your project. As an experienced writer, I can provide you top quality, well researched, concise and error-free work within your provided deadline at very reasonable prices.

$19 Chat With Writer
Smart Accountants

ONLINE

Smart Accountants

This project is my strength and I can fulfill your requirements properly within your given deadline. I always give plagiarism-free work to my clients at very competitive prices.

$30 Chat With Writer
24/7 Assignment Help

ONLINE

24/7 Assignment Help

This project is my strength and I can fulfill your requirements properly within your given deadline. I always give plagiarism-free work to my clients at very competitive prices.

$36 Chat With Writer
Helping Engineer

ONLINE

Helping Engineer

I am a PhD writer with 10 years of experience. I will be delivering high-quality, plagiarism-free work to you in the minimum amount of time. Waiting for your message.

$21 Chat With Writer
Custom Coursework Service

ONLINE

Custom Coursework Service

I am a professional and experienced writer and I have written research reports, proposals, essays, thesis and dissertations on a variety of topics.

$35 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

What are long term objectives - I had a box of crayons poem - Certainty and uncertainty in decision analysis - Discovering right and wrong 7th edition pdf - Nutritional Assessment - Anatomy and physiology 2 - The arrangement book kmart - Mi familia project spanish 1 - Schedule 8 drugs wa - When did cyclone tracy hit darwin - Mineral properties flowchart - Student professional association - 1 page APA - Life history interview essay - Gas meter western australia - What is fad,x, the x-component of the force exerted by the infinite wire on segment ad of the loop? - Marketing Plan - A researcher wishes to estimate with 95 confidence - Web enrollment system monash - Mental stigma - Nitric oxide and ozone reaction - Which theory is criticized for being too mechanistic - Types of backbone networks - Research report on kfc - John mugabi vs curtis parker - Idc architects east london - Makita battery yellow connector broken - John lesa and tabir form a limited liability company - Band saw safety test answers - The proverbs tell us how to live life successfully - Single phase kwh meter - Great western hospital address - Cable cross sectional area calculator - 8109 sloughhouse rd elk grove ca 95624 - Magnesium fluoride bohr diagram - Tavern keeper on the simpsons - Grapes of wrath text - Comprehensive international business plan - URGENT! Debate paper - Managed Care Week 2 Discussion - Thank you letter after mock interview - Geometric mean matlab - The color purple sample - How do you define yourself as a leader - Avinash kaushik dashboard - Http www graphpad com quickcalcs pvalue1 cfm - Kurt lewin's change theory nursing - Cjt202 assignment - Operations Management - Piers harris 3 interpretation overview - Pearson igcse grade boundaries - Vaf1b visa application form - French role play script - Evolution thesis statement - Carr & kleemann funeral directors - Professional capstone and practicum reflective journal - Royal coat of arms investigation questions - Week 2 Contemporary Art Essay 500 word - Wilmot proviso definition apush - Camel eye of needle - Bentley publishers member center - Cscc research database - Research methods - Strayer outline - Managing the Execution of Strategy - What are some advantages of walmart purchasing established web businesses - North adelaide bin day - Careers at murdoch university dubai - Carpers 5 ways of knowing - 1. Write a summary in the box utilizing the techniques presented in class - How to make fake blood look real - The right thing to do rachels pdf - Culture of israel ppt - The chrysalids chapter 13 summary - Toshiba air conditioning rbc amt32e manual - Prisma print tilburg university - Jean dominique bauby disability - The advancement l russ bush - 1206 ledbury dr smyrna tn - Research project need it by oct 12 - How to make demographic table - Performance lawn equipment case - 1900 shirtwaist kansas city bargain mansions - Compassion fatigue within nursing practice a concept analysis - Community Health Assessment and Health Promotion-1000 words-due 9/23/2020 - Cannon bard theory of emotion - Float type rain gauge - Science 10 biology activity 1 answers - Table 3 two point discrimination test results - STATISTICS EXCEL: WEEK 3 URGENT - Assignment - University of strathclyde class catalogue - El yunque food web - Wk 4 – Apply: Message of Change [due Mon] Wk 4 – Apply: Message of Change [due Mon] - Case 6.1 advantage energy technology data center migration - Macbeth appearance vs reality - Briere trauma symptom checklist - Harry cooper supply co - Analysis Paper - 2 687 in scientific notation