Advance Accounting Equity Method of Investment Homework Help
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1. On January 3, 2015, Matteson Corporation acquired 30 percent of the outstanding common stock of O’Toole Company for $1,390,000. This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $913,000. 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, 2015, O’Toole reported net income of $271,000 and declared cash dividends of $50,000. At December 31, 2015, what should Matteson report as its investment in O’Toole under the equity method?
2. In January 2010, Wilkinson, Inc., acquired 20 percent of the outstanding common stock of Bremm, Inc., for $700,000. This investment gave Wilkinson the ability to exercise significant influence over Bremm. Bremm’s assets on that date were recorded at $3,900,000 with liabilities of $900,000. Any excess of cost over book value of the investment was attributed to a patent having a remaining useful life of 10 years. In 2010, Bremm reported net income of $170,000. In 2011, Bremm reported net income of $210,000. Dividends of $70,000 were paid in each of these two years. What is the equity method balance of Wilkinson’s Investment in Bremm, Inc., at December 31, 2011?
3. In January 2012, Wilkinson, Inc., acquired 20 percent of the outstanding common stock of Bremm, Inc., for $700,000. This investment gave Wilkinson the ability to exercise significant influence over Bremm. Bremm’s assets on that date were recorded at $3,900,000 with liabilities of $900,000. Any excess of cost over book value of the investment was attributed to a patent having a remaining useful life of 10 years.
In 2012, Bremm reported net income of $170,000. In 2013, Bremm reported net income of $210,000. Dividends of $70,000 were paid in each of these two years. What is the equity method balance of Wilkinson’s Investment in Bremm, Inc., at December 31, 2013?
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4. Smith purchased 5 percent of Barker’s outstanding stock on October 1, 2009, for $7,475 and acquired an additional 10 percent of Barker for $14,900 on July 1, 2010. Both of these purchases were accounted for as available-for-sale investments. Smith purchases a final 20 percent on December 31, 2011, for $34,200. With this final acquisition, Smith achieves the ability to significantly influence nBarker’s decision-making process and employs the equity method.
Barker has a book value of $100,000 as of January 1, 2009. Information follows concerning the operations of this company for the 2009–2011 period. Assume that all income was earned. uniformly in each year. Assume also that one-fourth of the total annual dividends are paid at the end of each calendar quarter.
On Barker’s financial records, the book values of all assets and liabilities are the same as their fair values. Any excess cost from either purchase relates to identifiable intangible assets. For each purchase, the excess cost is amortized over 15 years. Amortization for a portion of a year should be based on months.
a.On comparative income statements issued in 2012 for the years of 2009, 2010, and 2011, what would Smith report as its income derived from this investment in Barker?
b.On a balance sheet as of December 31, 2011, what should Smith report as investment in Barker.
5.What is the defense tactic that involves purchasing shares held by the would-be acquiring company at a price substantially in excess of their fair value is called?
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