●The Assignment must be submitted on Blackboard (WORD format only) via allocated

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●The Assignment must be submitted on Blackboard (WORD format only) via allocated

●The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.
●Assignments submitted through email will not be accepted.
●Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.
●Students must mention question number clearly in their answer.
●Late submission will NOT be accepted.
●Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
●All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism.
●Submissions without this cover page will NOT be accepted.
Assignment Question(s): (Marks 15)
Q1. Z Corporation acquired 100% of the outstanding common stock of Sake X Corporation for $ 3,000,000 cash and 50,000 shares of its own common stock ($1 par value), which was trading at $30 per share at the acquisition date.(3 marks)
Required: Prepare The Journal Entry to Record the Acquisition Transaction on the Acquiring Incorporation’s Journal.
Answer:

Q2. In The Process of the Acquisition, Z Incorporation Paid In Cash the Following Expenses ($): (3 marks)
Legal fees
50,000
Accounting fees
20,000
Travel expenses
5,000
Legal fees (SEC)
40,000
Accounting fees (SEC)
10,000
SEC filing fees
15,000
Required: Prepare the journal entry to record the acquisition expenses.
Answer:
Q3. Z Incorporation acquired significant influence over Y Company by purchasing 100 percent of the common stock of the Y Incorporation for $100,000; Y earns income of $50,000 and pays dividends of $10,000(4 marks)
Required: Pass Journal Entries To Update The Investment Account In Y Incorporation Using Equity Method And Cost Method.
Answer:
Q4. Given the Following Information for 2023(5 marks)
Z owns 70% of Y
Y net income for 2023 is $150,000
Y declares dividends of $10,000 during 2023.
Y has 20,000 shares of $ 1 par value per stock outstanding that issued for $10 per share.
Y beginning balance in Retained Earnings for 2023 is $50,000.
Required: Prepare Basic Elimination Entry Using Equity Method
Answer

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