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Assignment of Acquisition Costs Troy Company notified Kline Company’s shareholders that it was interested in purchasing controlling ownership of Kline and offered to exchange one share of Troy’s common stock for each share of Kline Company submitted by July 31, 20X7. At the time of the offer, Troy’s shares were trading for $35 per share […]

Statement of Cash Flows Becon Corporation’s controller has just finished preparing a Becon Corporation’s controller has just finished preparing a consolidated balance sheet, income statement, and statement of changes in retained earnings for the year ended December 31, 20X4. Becon owns 60 percent of Handy Corporation’s stock, which it acquired at underlying book value on […]

Determination of Goodwill Impairment   Plush Corporation purchased 100 percent of Common Corporation’s common stock on January 1, 20X3, and paid $450,000. The fair value of Common’s identifiable net assets at that date was $430,000. By the end of 20X5, the fair value of Common, which Plush considers to be a reporting unit, had increased […]

Business Combinations A merger boom comparable to those of the 1960s and mid-1980s occurred in the 1990s and into the new century. The merger activity of the 1960s was associated with increasing stock prices and heavy use of pooling-of-interests accounting. The mid-1980s activity was associated with a number of leveraged buyouts and acquisitions involving junk […]

Numbers Game Arthur Levitt’s speech, “The Numbers Game,” is available on the SEC’s website at www.sec.gov/ news/speech/speecharchive/1998/spch220.txt . Read the speech, and then answer the following questions. Required a. Briefly explain what motivations Levitt discusses for earnings management. b. What specific techniques for earnings management does Levitt discuss? c. According to Levitt, why is the […]

Balance Sheet Worksheet Blank Corporation acquired 100 percent of Faith Corporation’s common stock on December 31, 20X2, for $150,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Blank Faith Item Corporation Corporation Cash $ 65,000 $ 18,000 Accounts Receivable 87,000 37,000 Inventory 110,000 60,000 […]

Investee with Preferred Stock Outstanding Reden Corporation purchased 45 percent of Montgomery Company’s common stock on January 1, 20X9, at underlying book value of $288,000. Montgomery’s balance sheet contained the following stockholders’ equity balances: Preferred Stock ($5 par value, 50,000 shares issued and outstanding) $250,000 Common Stock ($1 par value, 150,000 shares issued and outstanding) […]

Other Comprehensive Income Reported by Investee Callas Corporation paid $380,000 to acquire 40 percent ownership of Thinbill Company on January 1, 20X9. The amount paid was equal to Thinbill’s underlying book value. During 20X9, Thinbill reported operating income of $45,000 and an increase of $20,000 in the market value of available-for-sale securities held for the […]

Analysis of Cash Flows In its consolidated cash flow statement for the year ended December 31, 20X2, Lamb Corporation reported operating cash inflows of $284,000, financing cash outflows of $230,000, $80,000 for investing cash outflows, and an ending cash balance of $57,000. Lamb purchased 70 percent of Mint Company’s common stock on March 12, 20X1, […]

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