Maurice Tutor

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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 6.00

PanTech Company

On December 31, 2011, PanTech Company invests $20,000 in SoftPlus, a variable interest entity. In contractual agreements completed on that date, PanTech established itself as the primary beneficiary of SoftPlus. Previously, PanTech had no interest in SoftPlus. Immediately after PanTech’s investment, SoftPlus presents the following balance sheet

Cash

$ 20,000

Long-term debt

$120,000

Marketing software

140,000

Noncontrolling interest

60,000

Computer equipment

40,000

PanTech equity interest

20,000

Total assets

$200,000

Total liabilities and equity

$200,000

Each of the above amounts represents an assessed fair market value at December 31, 2011, except for the marketing software.

a. If the marketing software was undervalued by $20,000, what amounts for SoftPlus would appear in PanTech’s December 31, 2011, consolidated financial statements?

b. If the marketing software was overvalued by $20,000, what amounts for SoftPlus would appear in PanTech’s December 31, 2011, consolidated financial statements?

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 09:09 PM My Price 6.00

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