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Fargus Corporation owned 51% of the voting common stock of Sanatee, Inc. The parent's interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition price. On January 1, 2020, Sanatee sold $1,400,000 in ten-year bonds to the public at 108. The bonds pay a 10% interest rate every December 31. Fargus acquired 40% of these bonds on January 1, 2022, for 95% of the face value. Both companies utilized the straight-line method of amortization.What balances would need to be considered in order to prepare the consolidation entry in connection with these intra-entity bonds at December 31, 2022, the end of the first year of the intra-entity investment? Prepare schedules to show numerical answers for balances that would be needed for the entry.

On Jul 11, 2024


Carrying amount of bonds payable, January 1, 2022 Carrying amount of bonds payable, January 1, 2022   Carrying amount of 40% of bonds payable (intra-entity portion) , January 1, 2022 = $ 595,840Gain on retirement of bonds, January 1, 2022:   Carrying amount of investment, December 31, 2022     Carrying amount of 40% of bonds payable (intra-entity portion) December 31, 2022 ($595,840 − 4,480 premium amortization) = $591,360Carrying amount of investment, December 31, 2022    Carrying amount of 40% of bonds payable (intra-entity portion) , January 1, 2022 = $ 595,840Gain on retirement of bonds, January 1, 2022: Carrying amount of bonds payable, January 1, 2022   Carrying amount of 40% of bonds payable (intra-entity portion) , January 1, 2022 = $ 595,840Gain on retirement of bonds, January 1, 2022:   Carrying amount of investment, December 31, 2022     Carrying amount of 40% of bonds payable (intra-entity portion) December 31, 2022 ($595,840 − 4,480 premium amortization) = $591,360Carrying amount of investment, December 31, 2022    Carrying amount of investment, December 31, 2022 Carrying amount of bonds payable, January 1, 2022   Carrying amount of 40% of bonds payable (intra-entity portion) , January 1, 2022 = $ 595,840Gain on retirement of bonds, January 1, 2022:   Carrying amount of investment, December 31, 2022     Carrying amount of 40% of bonds payable (intra-entity portion) December 31, 2022 ($595,840 − 4,480 premium amortization) = $591,360Carrying amount of investment, December 31, 2022    Carrying amount of bonds payable, January 1, 2022   Carrying amount of 40% of bonds payable (intra-entity portion) , January 1, 2022 = $ 595,840Gain on retirement of bonds, January 1, 2022:   Carrying amount of investment, December 31, 2022     Carrying amount of 40% of bonds payable (intra-entity portion) December 31, 2022 ($595,840 − 4,480 premium amortization) = $591,360Carrying amount of investment, December 31, 2022    Carrying amount of 40% of bonds payable (intra-entity portion) December 31, 2022 ($595,840 − 4,480 premium amortization) = $591,360Carrying amount of investment, December 31, 2022 Carrying amount of bonds payable, January 1, 2022   Carrying amount of 40% of bonds payable (intra-entity portion) , January 1, 2022 = $ 595,840Gain on retirement of bonds, January 1, 2022:   Carrying amount of investment, December 31, 2022     Carrying amount of 40% of bonds payable (intra-entity portion) December 31, 2022 ($595,840 − 4,480 premium amortization) = $591,360Carrying amount of investment, December 31, 2022    Carrying amount of bonds payable, January 1, 2022   Carrying amount of 40% of bonds payable (intra-entity portion) , January 1, 2022 = $ 595,840Gain on retirement of bonds, January 1, 2022:   Carrying amount of investment, December 31, 2022     Carrying amount of 40% of bonds payable (intra-entity portion) December 31, 2022 ($595,840 − 4,480 premium amortization) = $591,360Carrying amount of investment, December 31, 2022
ST

Answered

The Americans with Disabilities act prohibits discrimination against.

A) current employees only with a disability
B) employees that become disabled
C) job applicants that are disabled
D) job applicants as long as they notify the potential employer of a disability
E) employees and job applicants with disabilities.

On Jul 10, 2024


E
ST

Answered

Compared to a purely competitive firm in long-run equilibrium, the monopolistic competitor has a

A) lower price and lower output.
B) higher price and lower output.
C) higher price and higher output.
D) price and output that may be higher or lower.

On Jun 11, 2024


B
ST

Answered

In the manufacturing firm, inventories consist of:

A) raw materials, cost of goods manufactured during the period and finished goods.
B) raw materials, work in process and finished goods.
C) raw materials, finished goods and cost of goods sold.
D) cost of goods manufactured and cost of goods sold.

On Jun 10, 2024


B
ST

Answered

Negative reinforcement decreases the frequency of desired employee behavior.

On May 12, 2024


False
ST

Answered

Which one of the following statements is correct with respect to how the passage of the Charter of Rights and Freedoms affected parliamentary supremacy?

A) The power of the parliament and the provincial legislatures is now supreme in the areas assigned to them under the Constitution.
B) The federal parliament is now supreme and can override anything done by the provincial legislatures or the courts.
C) Under the Charter of Rights and Freedoms, the Supreme Court can declare some things done by both levels of government unlawful.
D) Now in Canada there is an effective system of checks and balances where the prime minister on some occasions can overrule decisions made by parliament or the Supreme Court of Canada.
E) With the passage of the Charter of Rights and Freedoms, the Parliament of Canada has become Canada's final court of appeal.

On May 11, 2024


C