Maurice Tutor

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About Maurice Tutor

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Expertise:
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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 3 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 9.00

LCU capital stock

Parent accounting under the equity method

Pla purchased a 40 percent interest in Sor, a foreign company, on January 1, 2011, for $342,000, when Sor’s stockholders’ equity consisted of 3,000,000 LCU capital stock and 1,000,000 LCU retained earnings. Sor’s functional currency is its local currency unit. The exchange rate at this time was $0.15 per LCU. Any excess allocated to patents is to be amortized over 10 years. A summary of changes in the stockholders’ equity of Sor during 2011 (including relevant exchange rates) is as follows:

 

LCUs

Exchange Rate

U.S. Dollars

Stockholders’ equity January 1, 2011

4,000,000

$0.15 C

$600,000

Net income

800,000

0.14 A

112,000

Dividends

(400,000)

0.14 C

(56,000)

Equity adjustment

    

(84,000)

Stockholders’ equity December 31, 2011

4,400,000

0.13 C

$572,000

REQUIRED: Determine the following:

1. Excess patent from Pla’s Investment in Sor on January 1, 2011

2. Excess patent amortization for 2011

3. Unamortized excess patent at December 31, 2011

4. Equity adjustment from patents for 2011

5. Income from Sor for 2011

6. Investment in Sor balance at December 31, 2011

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 11:09 PM My Price 9.00

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