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

  • The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
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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)

Book Value

Current Value

Cash

50,000

50,000

Account Receivable

150,000

150,000

Notes Receivable

120,000

60,000

Land

410,000

540,000

Building & Equipment

500,000

610,000

Patent

40,000

130,000

Goodwill

100,000

Total Assets

1370,000

1540,000

Payables & Accruals

120,000

120,000

Long Term Debt

720,000

650,000

Total Liabilities

840,000

770,000

Common Stock

130,000

Additional Paid In Capital

470,000

Retained Earnings

380,000

Total Equity

980,000


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