Alpha Geek

(8)

$10/per page/Negotiable

About Alpha Geek

Levels Tought:
University

Expertise:
Accounting,Algebra See all
Accounting,Algebra,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Communications,Computer Science,Environmental science,Essay writing,Programming,Social Science,Statistics Hide all
Teaching Since: Apr 2017
Last Sign in: 441 Weeks Ago, 1 Day Ago
Questions Answered: 9562
Tutorials Posted: 9559

Education

  • bachelor in business administration
    Polytechnic State University Sanluis
    Jan-2006 - Nov-2010

  • CPA
    Polytechnic State University
    Jan-2012 - Nov-2016

Experience

  • Professor
    Harvard Square Academy (HS2)
    Mar-2012 - Present

Category > Accounting Posted 16 May 2017 My Price 8.00

Terry’s Concrete acquired 20% of the outstanding common stock of Blakeley, Inc

 

 
 

 

Terry’s Concrete acquired 20% of the outstanding common stock of Blakeley, Inc. on January 1, 2010, by paying $1,100,000 for 40,000 shares. Blakeley declared and paid a $0.50 per share cash dividend on June 30 and again on December 31, 2010. Blakeley reported net income of $600,000 for the year. At December 31, 2010, the market price of Blakeley’s common stock was $30 per share.
Instructions
(a) Prepare the journal entries for Terry’s Concrete for 2010 assuming Terry’s cannot exercise significant influence over Blakeley. (Use the cost method and assume Blakeley common stock should be classified as available-for-sale.)
(b) Prepare the journal entries for Terry’s Concrete for 2010, assuming Terry’s can exercise significant influence over Blakeley. (Use the equity method.)
(c) Indicate the balance sheet and income statement account balances at December 31, 2010, under each method of accounting.

 
 

Answers

Alpha Geek
(8)
Status NEW Posted 16 May 2017 07:05 AM My Price 8.00

-----------

Attachments

file 1494918673-257049_1_636304338239825029_Journal-Equity-vs-available-for-sale.xlsx preview (364 words )
25-----------704-----------9&a-----------mp;-----------amp-----------;in-----------foI-----------d=4-----------800-----------54&-----------amp-----------;am-----------p;I-----------nve-----------stm-----------ent-----------s-E-----------qui-----------ty -----------vs -----------Ava-----------ila-----------ble----------- fo-----------r s-----------ale-----------Ter-----------ryâ-----------€™s----------- Co-----------ncr-----------ete----------- ac-----------qui-----------red----------- 20-----------% o-----------f t-----------he -----------out-----------sta-----------ndi-----------ng -----------com-----------mon----------- st-----------ock----------- of----------- Bl-----------ake-----------ley-----------, I-----------nc.----------- on----------- Ja-----------nua-----------ry -----------1, -----------201-----------0, -----------by -----------pay-----------ing----------- $1-----------,10-----------0,0-----------00 -----------for----------- 40-----------,00-----------0 s-----------har-----------es.----------- Bl-----------ake-----------ley----------- de-----------cla-----------red----------- an-----------d p-----------aid----------- a -----------$0.-----------50 -----------per----------- sh-----------are----------- ca-----------sh -----------div-----------ide-----------nd -----------on -----------Jun-----------e 3-----------0 a-----------nd -----------aga-----------in -----------on -----------Dec-----------emb-----------er -----------31,----------- 20-----------10.----------- Bl-----------ake-----------ley----------- re-----------por-----------ted----------- ne-----------t i-----------nco-----------me -----------of -----------$60-----------0,0-----------00 -----------for----------- th-----------e y-----------ear-----------. A-----------t D-----------ece-----------mbe-----------r 3-----------1, -----------201-----------0, -----------the----------- ma-----------rke-----------t p-----------ric-----------e o-----------f B-----------lak-----------ele-----------yâ€-----------™s
Not Rated(0)