Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 1 Day 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

Pal Corporation

Pal Corporation purchased for cash 6,000 shares of voting common stock of Sap Corporation at $16 per share on July 1, 2011. On this date, Sap’s equity consisted of $100,000 of $10 par capital stock, $20,000 retained earnings from prior periods, and $10,000 current earnings (for one-half of 2011). Sap’s income for 2011 was $20,000, and it paid dividends of $12,000 on November 1, 2011. All of Sap’s assets and liabilities had book values equal to fair values at July 1, 2011, and any differences between investment cost and book value acquired should be assigned to equipment and amortized over a 10- year period.
REQUIRED: Compute the correct amounts for each of the following items using the equity method of accounting for Pal’s investment:
1. Pal’s income from its investment in Sap for the year ended December 31, 2011.
2. The balance of Pal’s Investment in Sap account at December 31, 2011.
(Note: Assumptions on page 46 are needed for this problem.)

Answers

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

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