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14) Stello Corporation's stockholders' equity on December 31, 2014 was as follows: 10% cumulative preferred stock, $100 par value, callable at $110, with no dividends in arrears$100,000 Common stock, $1 par value300,000 Additional paid-in capital40,000 Retained earnings160,000 Total stockholders' equity$600,000 On January 1, 2015, Kaprelian Corporation paid $300,000 for a 90% interest in Stello's common stock. On.

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10.2   Exercises 1) Saito Corporation's stockholders' equity on December 31, 2014 was as follows: 10% cumulative preferred stock, $100 par value, callable at $105, with one year dividends in arrears$10,000 Common stock, $1 par value50,000 Additional paid-in capital150,000 Retained earnings160,000 Total stockholders' equity$370,000 On January 1, 2015, Panata Corporation paid $300,000 for a 70% interest in Saito's common.

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12) Jeff Corporation owns 90% of the common stock of Subsidiary Jordan. The following data is available: JeffJordan Net income for 2014$250,000$150,000 Preferred dividends for 2014$20,000 Common dividends for 2014$25,000 Number of common shares outstanding 200,00020,000 10% Preferred Stock, $100 par$200,000 The preferred stock is cumulative and convertible. The annual preferred dividends are $20,000. Required: 1. Jordan's preferred stock.

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10.1   Multiple Choice Questions Use the following information to answer the question(s) below. On December 31, 2013, Parminter Corporation owns an 80% interest in the common stock of Sanchez Corporation and an 80% interest in Sanchez's preferred stock. On December 31, 2013, Sanchez's stockholders' equity was as follows: 10% preferred stock, cumulative, $10.

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11.1   Multiple Choice Questions Use the following information to answer the question(s) below. Pasfield Corporation acquired a 90% interest in Santini Corporation for $90,000 cash on January 1, 2014. The following information is available for Santini at that time. Book ValueFair ValueDifference Current assets$40,000$50,000$10,000 Plant assets60,00075,00015,000 Liabilities(50,000)(50,000)0 Net assets$50,000$75,000 1) Under the entity theory, a consolidated balance sheet.

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13) On January 1, 2014, Jeff Company acquired a 90% interest in Marian Company for $198,000 cash. On January 1, 2014, Marian Company had the following assets and liabilities: Book ValueFair Value Cash$5,000$5,000 Accounts Receivable30,00035,000 Inventory40,00050,000 Plant Assets60,00080,000 Total Assets$135,000$170,000 Liabilities$25,000$25,000 Capital Stock100,000 Retained Earnings10,000 Total Liabilities & Stockholders' Equity $135,000 Push-down accounting is used for the acquisition. Required: 1. Assume both companies use.

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15) On January 1, 2014, Brody Company acquired an 80% interest in Kristin Company for $240,000 cash. On January 1, 2014, Kristin Company had the following assets and liabilities: Book ValueFair Value Cash$10,000$10,000 Accounts Receivable50,00050,000 Inventory50,00070,000 Plant Assets100,000100,000 Total Assets$210,000$230,000 Liabilities$100,000$120,000 Capital Stock100,000 Retained Earnings10,000 Total Liabilities & Stockholders' Equity$210,000 Push-down accounting is used for the acquisition. Both companies use the entity.

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11) On January 1, 2014, Penny Company acquired a 90% interest in Lampire Company for $180,000 cash. On January 1, 2014, Lampire Company had the following assets and liabilities: Book ValueFair Value Cash$10,000$10,000 Accounts Receivable30,00035,000 Inventory40,00050,000 Plant Assets60,00080,000 Total Assets$140,000$175,000 Liabilities$25,000$25,000 Capital Stock100,000 Retained Earnings15,000 Total Liabilities & Stockholders' Equity$140,000 Push-down accounting is used for the acquisition. Required: 1. Assume both companies use the.

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7) Party Corporation acquired an 80% interest in Sang Corporation on January 1, 2014 for $20,000. Balance sheet and fair value information on this date is summarized as follows: Party Book ValueSang Book ValueSang Fair Value Current assets$15,000$9,000$9,000 Land and Building-net35,0007,0007,000 Equipment8,0004,0006,000 Total assets$58,000$20,000$22,000 Liabilities$27,000$10,00010,000 Capital stock18,0004,000 Retained earnings13,0006,000 Total liab. & equity$58,000$20,000 Required: 1. Prepare an entry on the books.

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13) Sandy Corporation's stockholders' equity on December 31, 2014 was as follows: 10% cumulative preferred stock, $100 par value, callable at $105, with one year dividends in arrears$100,000 Common stock, $1 par value200,000 Additional paid-in capital40,000 Retained earnings160,000 Total stockholders' equity$500,000 On January 1, 2015, Bombard Corporation paid $200,000 for a 90% interest in Sandy's common stock..

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3) Samford Corporation's stockholders' equity on December 31, 2014 was as follows: 8% cumulative preferred stock, $100 par value, callable at $109, with two years of dividends in arrears$100,000 Common stock, $25 par value700,000 Additional paid-in capital250,000 Retained earnings400,000 Total stockholders' equity$1,450,000 On January 1, 2015, Panera Corporation purchased a 70% interest in Samford's common stock for $1,400,000..

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6) Partridge Corporation purchased an 80% interest in Sandy Corporation for $840,000 on January 1, 2014. Sandy's balance sheet book values and accompanying fair values on this date are shown below. Parent Entity Company TheoryTheory Push-Push- Down Down BookFairBalanceBalance   Value     Value     Sheet       Sheet Cash$30,000$30,000________________ Receivables200,000200,000________________ Inventory300,000360,000________________ Land50,00090,000________________ Plant assets-net250,000300,000________________ Total Assets$830,000$980,000________________ Current liabilities$180,000$180,000________________ Other liabilities120,000100,000________________ Common Stock400,000________________ Retained Earnings130,000________________________ Total Liab..

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9) Johnsen Corporation paid $225,000 for a 70% interest in Jonas Corporation on January 1, 2014. On that date, Jonas's balance sheet accounts, at book value and fair value, were as follows: Book ValueFair Value Assets Cash$25,000$25,000 Accounts receivable-net45,00055,000 Inventories40,00060,000 Plant, property and equipment-net140,000125,000 Total assets$250,000$265,000 Equities Accounts payable$40,000$40,000 Common stock120,000 Retained earnings90,000 Total liab. & equity$250,000 Required: 1. Prepare the journal entry necessary.

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12) Lincoln Corporation, a U.S. manufacturer, both imports needed materials and exports finished products. Their receivables and payables are listed below, prior to year-end adjustments or preparation of the closing entries. Foreign Currency Units Rate at Date of Transaction Per Books in U.S. Dollars Current Rate at 12/31/14 ACCOUNTS RECEIVABLE Japanese yen 14,678,000 $0.0109007 160,000 $0.0120 Euros 50,000 1.2372 61,860 1.4235 Hungarian forint 50,000,000 0.0044 220,000 0.0053   TOTAL 441,860 ACCOUNTS PAYABLE Euros 50,000 1.2378 61,890 $1.4235 Mexican pesos 1,250,000 0.0799 99,875 0.0845 Indian.

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3) Pashley Corporation purchased 75% of Sargent Corporation on January 1, 2014, for $115,000. Balance sheets for the two companies on this date, prepared just prior to the purchase, are provided below. PashleySargentSargent Book ValuesBook ValuesFair Values Cash$165,000$5,000$5,000 Inventory135,00035,00045,000 Buildings & equipment-net250,00060,00095,000 Total assets$550,000$100,000$145,000 Common stock$150,000$47,500 Retained earnings400,00052,500 Total equities$550,000$100,000 Required: Prepare a consolidated balance sheet using the entity theory of.

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18) Plymouth Corporation (a U.S. company) began operations on September 1, 2014, when the owner borrowed $250,000 to establish the business. Plymouth then had the following import and export transactions with unaffiliated Chinese companies: September 6, 2014Bought material inventory for 100,000 yuan on account. Invoice denominated in               yuan September 18, 2014Sold.

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