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ACCT 549 Success Begins / snaptutorial.com

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1-28 Hobson acquires 40 percent of the outstanding voting stock of Stokes Company on January 1, 2012, for $210,000 in cash. The book value of Stokes’s net assets on that date was $400,000, although one of the company’s buildings, with a $60,000 carrying value, was actually worth $100,000. This building had a 10-year remaining life. Stokes owned a royalty agreement with a 20-year remaining life that was undervalued by $85,000. Stokes sold inventory with an original cost of $60,000 to Hobson during 2012 at a price of $90,000. Hobson still held $15,000 (transfer price) of this amount in inventory as of December 31, 2012. These goods are to be sold to outside parties during 2013. – PowerPoint PPT presentation

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Title: ACCT 549 Success Begins / snaptutorial.com


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ACCT 549 Success Begins / snaptutorial.com
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ACCT 549 Success Begins / snaptutorial.com
ACCT 549 Week 1 Homework For more classes
visit www.snaptutorial.com   1-28 Hobson acquires
40 percent of the outstanding voting stock of
Stokes Company on January 1, 2012, for 210,000
in cash. The book value of Stokess net assets on
that date was 400,000, although one of the
companys buildings, with a 60,000 carrying
value, was actually worth 100,000. This building
had a 10-year remaining life. Stokes owned a
royalty agreement with a 20-year remaining life
that was undervalued by 85,000.
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ACCT 549 Success Begins / snaptutorial.com
ACCT 549 Week 5 Homework Problems For more
classes visit www.snaptutorial.com   Problem
5-19   a) What is the noncontrolling interest's
share of Rockne's 2013 income?
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ACCT 549 Success Begins / snaptutorial.com
ACCT 549 Week 6 Homework Problems For more
classes visit www.snaptutorial.com   P9-28 Bartlet
t Company, headquartered in Cincinnati, OH has
occasional transactions with companies in a
foreign country whose currency is the lira.
Prepare journal entries for the following
transactions in US dollars. Also prepare any
necessay adjusting
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ACCT 549 Success Begins / snaptutorial.com
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