CourseLover

(12)

$10/per page/Negotiable

About CourseLover

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Engineering,Health & Medical,HR Management,Law,Marketing,Math,Physics,Psychology,Programming,Science Hide all
Teaching Since: May 2017
Last Sign in: 287 Weeks Ago, 1 Day Ago
Questions Answered: 27237
Tutorials Posted: 27372

Education

  • MCS,MBA(IT), Pursuing PHD
    Devry University
    Sep-2004 - Aug-2010

Experience

  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Accounting Posted 12 Dec 2017 My Price 10.00

noncontrolling interest’s share

I have attached my question/problem to this file. Thanks

On January 1, 2014, Doone Corporation acquired 80 percent of the outstanding voting stock of Rockne Company for $496,000 consideration. At the acquisition date, the fair value of the 20 percent noncontrolling interest was $124,000 and Rockne’s assets and liabilities had a collective net fair value of $620,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $200,000 in 2015. Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $260,000 in 2014 and $360,000 in 2015. Approximately 30 percent of the inventory purchased during any one year is not used until the following year. a. What is the noncontrolling interest’s share of Rockne’s 2015 income? b. Prepare Doone’s 2015 consolidation entries required by the intra-entity inventory transfers. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) prepare entry G prepare entry TI prepare entry G
Background image of page 1

Answers

CourseLover
(12)
Status NEW Posted 12 Dec 2017 02:12 PM My Price 10.00

-----------  ----------- H-----------ell-----------o S-----------ir/-----------Mad-----------am ----------- Th-----------ank----------- yo-----------u f-----------or -----------usi-----------ng -----------our----------- we-----------bsi-----------te -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------ns.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age-----------

Not Rated(0)