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ACCT 559 DeVry Midterm Exam

-1) Determine the amount

-1) Determine the amount of intra-entity profit at the end of 20X1. -2) Determine the amount of Equity in Investee Income that Jasper should have reported for 20X1. Question 16. Question : (TCO B) The financial statements for Jobe Inc. and Lake Corp., just prior to their combination, for the year ending December 31, 20X2, follow. Lake's buildings were undervalued on its financial records by $60,000. Jobe Inc. Lake Corp. Revenues $1,300,000 $500,000 Expenses (1,180,000) (290,000) Net income $120,000 $210,000 Retained earnings, January 1, 20X2 700,000 500,000 Net income (above) 120,000 210,000 Dividends paid (110,000) (110,000) Retained earnings, December 31, 20X2 $710,000 $600,000 Cash $160,000 $120,000 Receivables and inventory 240,000 240,000 Buildings (net) 700,000

350,000 Equipment (net) 700,000 600,000 Total assets $1,800,000 $1,310,000 Liabilities $250,000 $195,000 Common stock 750,000 430,000 Additional paid-in capital 90,000 85,000 Retained earnings, December 31, 20X2 (above) 710,000 600,000 Total liabilities and stockholders' equity $1,800,000 $1,310,000 On December 31, 20X2, Jobe issued 54,000 new shares of its $10 par value stock in exchange for all the outstanding shares of Lake. Jobe's shares had a fair value on that date of $35 per share. Jobe paid $34,000 to an investment bank for assisting in the arrangements. Jobe also paid $24,000 in stock issuance costs to effect the acquisition of Lake. Lake will retain its incorporation. -1) Prepare the journal entry to record the issuance of common stock by Jobe. -2) Prepare the journal entry to record the payment of combination costs. -3) Determine consolidated net income for the year ended December 31, 20×2. -4) Determine consolidated additional paid-in capital at December 31, 20×2. Question 17. Question : (TCO B) The financial statements for Metzger Inc. and Ortiz Corp., just prior to their combination, for the year ending December 31, 20X2, follow. Ortiz's buildings were undervalued on its financial records by $80,000. Metzger Inc. Ortiz Corp. Revenues $1,800,000 $700,000

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