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Category > Management Posted 21 Jan 2018 My Price 6.00

Fink Company

E15-15 Equity Method On January 1, 2007 Jones acquires a 30% interest in Fink Company by purchasing 3,000 of its 10,000 common shares for $16 per share and obtains significant influence. On the date of acquisition, the net assets of Fink Company were as shown here:

 

Book Value

Fair Value

Nondepreciable assets (for example, land)

$ 15,000

$ 25,000

Depreciable assets (10-year remaining life)

    90,000

   115,000

 

$105,000

$140,000

Liabilities

$ 10,000

$ 15,000

During 2007 Fink Company earned income of $22,000 and paid dividends of $6,000.

Required

Prepare all journal entries on Jones Company’s books to record the acquisition, dividends, and income from the investment in Fink Company. Show supporting calculations.

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Jan 2018 07:01 PM My Price 6.00

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