Maurice Tutor

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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 26 Sep 2017 My Price 5.00

Carne Cosmetic

Equity method; adjustment for depreciation

Fizer Pharmaceutical paid $68 million on January 2, 2016, for 4 million shares of Carne Cosmetics common stock. The investment represents a 25% interest in the net assets of Carne and gave Fizer the ability to exercise significant influence over Carne’s operations. Fizer received dividends of $1 per share on December 21, 2016, and Carne reported net income of $40 million for the year ended December 31, 2016. The fair value of Carne’s common stock at December 31, 2016, was $18.50 per share.

• The book value of Carne’s net assets was $192 million.

• The fair value of Carne’s depreciable assets exceeded their book value by $32 million. These assets had an average remaining useful life of eight years.

• The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwill.

Required:

Prepare all appropriate journal entries related to the investment during 2016.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 05:09 PM My Price 5.00

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