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8.1   Multiple Choice Questions 1) Which of the following is correct? The direct sale of additional shares of stock at book value per share to only the parent company from a subsidiary A) decreases the parent's interest and decreases the noncontrolling shareholders' interest. B) decreases the parent's interest and increases the noncontrolling shareholders'.

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13) Separate income statements of Plantation Corporation and its 90%-owned subsidiary, Savannah Corporation, for 2014 are as follows, prior to Plantation recording any income related to its subsidiary: PlantationSavannah Sales Revenue$870,000 $230,000 Gain on equipment35,000 Gain on land20,000 Cost of sales(470,000)(90,000) Other expenses(265,000)(60,000) Separate incomes$170,000 $100,000 Additional information: 1.Plantation acquired its 90% interest in Savannah.

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8.2   Exercises 1) At December 31, 2013, the stockholders' equity of Gost Corporation and its 80%-owned subsidiary, Tree Corporation, are as follows:     Gost       Tree Common stock, $10 par value$20,000$12,000 Retained earnings8,0006,000 Totals$28,000$18,000 Gost's Investment in Tree is equal to 80 percent of Tree's book value. Tree Corporation issued 225 additional shares of common stock.

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8) Separate income statements of Pingair Corporation and its 90%-owned subsidiary, Staunch Inc., for 2014 were as follows: Pingair Staunch Sales Revenue$2,200,000 $1,000,000 Cost of sales(1,400,000)(600,000) Other expenses(400,000)(200,000) Gain on equipment80,000 Income from Staunch128,000                               Net income$608,000 $200,000 Additional information: 1.Pingair acquired its 90% interest in Staunch Inc. when the book.

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14) On December 31, 2013, Pat Corporation has the following information available: Common stock, $10 par$100,000 Additional paid-in capital60,000 Retained earnings40,000 Total stockholders' equity$200,000 On December 31, 2013, Anne Corporation buys an 80% interest in Pat Corporation for $160,000. On December 31, 2013, the fair value of Pat's assets and liabilities are equal to the.

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16) On December 31, 2013, Lorna Corporation has the following information available: Common stock, $10 par$200,000 Additional paid-in capital60,000 Retained earnings40,000 Total stockholders' equity$300,000 On December 31, 2013, Gerald Corporation buys an 80% interest in Lorna Corporation for $240,000. On December 31, 2013, the fair value of Lorna's assets and liabilities are equal to the.

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7.2   Exercises 1) Separate company and consolidated income statements for Pitta and Sojourn Corporations for the year ended December 31, 2013 are summarized as follows:      Pitta     Soujourn    Consolidated   Sales Revenue$ 500,000$ 100,000$ 600,000 Income from Sojourn19,900 Bond interest income6,000 Gain on bond retirement3,000 Total revenues519,900106,000603,000 Cost of sales$ 280,000$  50,000$ 330,000 Bond interest.

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13) At January 1, 2013, the stockholders' equity of Raven Corporation and its 60%-owned subsidiary, Trunk Corporation, are as follows: RavenTrunk Common stock, $10 par value$700,000$400,000 Retained earnings800,00050,000 Totals$1,500,000$450,000 Trunk's net income for 2013 was $40,000. No dividends were declared or paid in 2010. Raven's Investment in Trunk account balance on December 31, 2013 was.

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3) At December 31, 2013, the stockholders' equity of Pearson Corporation and its 80%-owned subsidiary, Trompeter Corporation, are as follows: PearsonTrompeter Common stock, $10 par value$20,000$12,000 Retained earnings8,0006,000 Totals$28,000$18,000 Pearson's Investment in Trompeter is equal to 80 percent of Trompeter's book value. Trompeter Corporation issued 400 additional shares of common stock directly to Pearson on.

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17) On December 31, 2013, Maria Corporation has the following stockholders' equity: Common stock, $10 par$100,000 Additional paid-in capital20,000 Retained earnings80,000 Total stockholders' equity$200,000 On January 1, 2014, Maria Corporation declared and issued a 10% stock dividend when the market price per share was $50. On January 2, 2014, James Corporation purchased an 80% interest in.

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