I have an assignment in Advanced Financial Accounting, can you help…

• The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
• All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).

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)