Any difference between implied and book value relates to goodwill. After the acquisition, during 2020, Pioneer sold $100,000 of land to Shipley for cash. The cost of the land was $60,000 at the date of the transfer. Also at January 2, 2020, Pioneer transferred equipment to Shipley for $18,000 cash. The equipment originally cost $20,000 and has a book value of $15,000 (three-year remaining useful life). During 2021, Shipley sold the land to a third-party for $140,000. The equipment continued to be used by Shipley.
Instructions:
A. Prepare the 2020 journal entries only relating to land and equipment transactions.
B. Prepare the 2020 consolidation worksheet entries only relating to the land and equipment transactions.
C. Prepare the 2021 journal entries only relating to land sale and equipment transactions.
D. Prepare the 2021 consolidation worksheet entries only relating to the land and equipment transactions.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Any difference between implied and book value relates to goodwill. After the acquisition, during 2020, Pioneer sold $100,000 of land to ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Jared drives his car knowing that the brakes are defective and has an accident in which the car is damaged and he is injured. He will likely be unable to recover from the manufacturer, because he voluntarily assumed the risk of the defective brakes.
Answers (1)
In November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $27,000. Alan made the appropriate year-end accrual.
Answers (1)
The circular flow model examines interactions between which sectors of the economy? Check all that apply. private government business tech households
Answers (2)
To reduce the risks associated with accepting fax responses to requests for confirmations of accounts receivable, an auditor most likely would A. Examine the shipping documents that provide evidence for the existence assertion. B.
Answers (1)
When the government injects money into the economy, consumer s may have less purchasing power, which may lead too
Answers (1)
New Questions in Business
Barr Corp. started a long-term construction project in 20X0. The following data relate to this project: Contract price $4,200,000 Costs incurred in 20X0 $1,750,000 Estimated costs to complete $1,750,000 Progress billings $900,000 Collections on
Answers (1)
Bob contributed a building with an adjusted basis to Bob of $50,000 and a fair market value of $150,000 subject to a mortgage of $120,000 in exchange for a 30 percent interest in the Alpha Partnership. Alpha will assume the mortgage on the building.
Answers (1)
Nareen is single, 68 years old, and reports the following in 2018: a. $12,000 alimony received (divorced in 2010) b. $82,520 Schedule C profit c. $3,500 SEP (self-employed pension) plan contribution d. $7,150 qualified dividends e.
Answers (1)
Sun Inc. has 5,000 shares of 6%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outstanding at December 31, 2007. What is the annual dividend on the preferred stock? a. $60 per shareb. $30,000 in totalc.
Answers (1)
a risk averse investor, which of the following four otherwise identical investment would you prefer? A. Security W, which exhibits a standard deviation of 2% and offers an average return of 12%. B.
Answers (1)