Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 25 Sep 2017 My Price 9.00

Quake Corporation

Prepare an allocation schedule, compute income and the investment balance

Quake Corporation paid $1,680,000 for a 30 percent interest in Tremor Corporation’s outstanding voting stock on January 1, 2011. The book values and fair values of Tremor’s assets and liabilities on January 1, along with amortization data, are as follows (in thousands):

 

Book Value

Fair Value

Cash

$ 400

$ 400

Accounts receivable—net

700

700

Inventories (sold in 2011)

1,000

1,200

Other current assets

200

200

Land

900

1,700

Buildings—net (10-year remaining life)

1,500

2,000

Equipment—net (7-year remaining life)

1,200

500

Total assets

$5,900

$6,700

Accounts payable

$ 800

$ 800

Other current liabilities

200

200

Bonds payable (due January 1, 2016)

1,000

1,100

Capital stock, $10 par

3,000

  

Retained earnings

900

  

Total equities

$5,900

  

Tremor Corporation reported net income of $1,200,000 for 2011 and paid dividends of $600,000.

REQUIRED

1. Prepare a schedule to allocate the investment fair values/book value differentials relating to Quake’s investment in Tremor.

2. Calculate Quake’s income from Tremor for 2011.

3. Determine the balance of Quake’s Investment in Tremor account at December 31, 2011.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 01:09 PM My Price 9.00

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