Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 03 Aug 2017 My Price 7.00

Seaman Company

Karl I nee a answer for my question right away if any way that you can help me?

 

On January 1, 20X1, Prange Company acquired 80% of the common stock of Seaman Company for $500,000. On this date Seaman had total owners' equity of $400,000. Any excess of cost over book value is attributable to patent, which is to be amortized over 20 years.

 

During 20X1 and 20X2, Prange has appropriately accounted for its investment in Seaman using the simple equity method.

 

On January 1, 20X2, Prange held merchandise acquired from Seaman for $30,000. During 20X2, Seaman sold merchandise to Prange for $100,000, of which $20,000 is held by Prange on December 31, 20X2. Seaman's gross profit on all sales is 40%.

 

On December 31, 20X2, Prange still owes Seaman $20,000 for merchandise acquired in December.

 

 

  1. Prepare a value analysis and a determination and distribution of excess schedulefor the investment in Seaman.

  2. Complete the worksheet for consolidated financial statements for the year ended December 31, 20X2.

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 06:08 AM My Price 7.00

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