Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 31 Jul 2017 My Price 7.00

Rit Corporation

Rit Corporation paid $1,372,000 for a 30 percent interest in Tel Corporation’s outstanding voting stock on April 1, 2011. At December 31, 2010, Tel had net assets of $4,000,000 and only common stock outstanding. During 2011, Tel declared and paid dividends of $80,000 each quarter on March 15, June 15, September 15, and December 15 ($320,000 in total). At April 1, 2011, the book value of assets and liabilities equals the fair value. Tel’s 2011 income was reported as follows:
Income before extraordinary item $480,000
Extraordinary gain, December 2011 160,000
Net income $640,000
REQUIRED: Determine the following items for Rit:
1. Goodwill from the investment in Tel
2. Income from Tel for 2011
3. Investment in Tel account balance at December 31, 2011
4. Rit’s equity in Tel’s net assets at December 31, 2011
5. The amount of extraordinary gain that Rit will show on its 2011 income statement

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 11:07 AM My Price 7.00

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