Maurice Tutor

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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 11 Aug 2017 My Price 13.00

Adelman Company

Adelman Company owns 45% of the outstanding voting common stock of Craig Corp. and has the ability to significantly influence the investee's operations. On January 3, 2011, the balance in the Investment in Craig Corp.account was $462,000. Amortization associated with this acquisition is $10,000 per year. During 2011, Craig earned a net income of $105,000 and paid cash dividends of $20,000. Previously in 2010, Craig had sold inventory costing $28,000 to Adelman for $40,000. All but 20% of that inventory had been sold to outsiders by Adelman during 2010. Additional sales were made to Adelman in 2011 at a transfer price of $60,000 that had cost Craig $45,000. Only 10% of the 2011 purchases had not been sold to outsiders by the end of 2011.
Required:

(A) What amount of unrealized intra-entity inventory profit should be deferred by Adelman at December 31, 2010?
(B) What amount of unrealized intra-entity profit should be deferred by Adelman at December 31, 2011?
(C) What amount of equity income would Adelman have recognized in 2011 from its ownership interest in Craig?
(D) What was the balance in the Investment in Craig Corp. account at December 31, 2011?

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 03:08 PM My Price 13.00

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