Maurice Tutor

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About Maurice Tutor

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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, 2 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 06 Aug 2017 My Price 6.00

non-controlling interest

  1. Assume that on 1/1/01 Big acquired 80% of Little Co for $400,000. The fair value of the non-controlling interest on that date was $100,000. Little’s book value on that date was $350,000. All of Little’s assets and liabilities had fair values equal to book value, except:
  2. Land, undervalued by $40,000
  • Inventory (FIFO basis), overvalued by $20,000
  • Patents, 5 year remaining life, undervalued by $30,000
  • Bonds payable, 10 year remaining life, overvalued by $15,000 (straight-line amortization).

During 2001, Little reported earnings of $60,000, and paid dividends of $20,000.

Required:

Prepare all equity method entries for 2001

Prepare all elimination entries for 2001.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Aug 2017 09:08 AM My Price 6.00

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