Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 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 31 Jul 2017 My Price 4.00

Tal Corporation

The stockholders’ equity of Tal Corporation at December 31, 2011, was $380,000, consisting of the following (in thousands):
Capital stock, $10 par (24,000 shares outstanding) $240
Additional paid-in capital 60
Retained earnings 80
Total stockholders’ equity$380
On January 1, 2012, Tal Corporation, which was in a tight working capital position, sold 12,000 shares of previously unissued stock to Riv Corporation for $250,000. All of Tal’s identifiable assets and liabilities were recorded at fair values on this date except for a building with a 10-year remaining useful life that was undervalued by $60,000. During 2012, Tal Corporation reported net income of $120,000 and paid dividends of $90,000.
REQUIRED: Prepare all journal entries necessary for Riv Corporation to account for its investment in Tal for 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 11:07 AM My Price 4.00

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