Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

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

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 4 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

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 11.00

Jen Corporation

Jen Corporation became a subsidiary of Laura Corporation on July 1, 2011, when Laura paid $1,980,000 cash for 90 percent of Jen’s outstanding common stock. The price paid by Laura reflected the fact that Jen’s inventories were undervalued by $50,000 and its plant assets were overvalued by $500,000. Jen sold the undervalued inventory items during 2011 but continues to hold the overvalued plant assets that had a remaining useful life of nine years from July 1, 2011. During the years 2011 through 2013, Jen’s paid-in capital consisted of $1,500,000 capital stock and $500,000 additional paid-in capital. Jen’s retained earnings statements for 2011, 2012, and 2013 were as follows (in thousands):

Laura uses the equity method in accounting for its investment in Jen.
REQUIRED
1. Compute Laura Corporation’s income from its investment in Jen for 2011.
2. Determine the balance of Laura Corporation’s Investment in Jen account at December 31, 2012.
3. Prepare the journal entries for Laura to account for its investment in Jen for2013.

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 06:07 PM My Price 11.00

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