Assignment Question(s):(Marks 15) Q1. ZCorporationacquired 100% of the outsta

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Assignment Question(s):(Marks 15)

Q1. ZCorporationacquired 100% of the outsta

Assignment Question(s):(Marks 15)

Q1. ZCorporationacquired 100% of the outstanding common stock of Sake X Corporation for $ 3,000,000cash 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. ZIncorporation 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 AccountIn 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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