Hi, I have been a customer with you guys last year. You guys helped me with my quiz/test for Accounting. I would like to request an expert to help me with my Advanced Accounting Test on September 23rd (next thursday) at 9:30 am (US. Time/Pacific Time) Counting with your help this semester as well. You guys helped me last year and I was happy with your service. Please confirm you can help me. Let me know what you need me to send you, I can send you some problem examples so you know what the material is about. Also, last year, I would send you pictures of the questions on the exam, and you would send me the solutions in a word Doc, that worked just fine. Thank you in advance. I'm attaching a sample problem we've done in class with the solution, so you can have an idea...Ivonne-
Chapter 01 In-class Question Answers.xlsx Chapter 1 Question 1 1) Carrying Amount Fair Value Difference Cash and receivables 200,000$ 200,000$ Computing equipment 5,810,000 7,140,000 1,330,000 Patented technology 190,000 4,180,000 3,990,000 Trademark 240,000 2,180,000 1,940,000 Liabilities (275,000) (275,000) 6,165,000$ 13,425,000$ Investment cost $4,500,000 Percentage of 1/1/2021 book value ($6,165,000*30%) 1,849,500 Payment in excess of book value 2,650,500 Excess payment identified with specific assets: Computing equipment ($1,330,000*30%) 399,000$ Patented technology ($3,990,000*30%) 1,197,000 Trademark ($1,940,000*30%) 582,000 2,178,000 Excess payment not identified with specific assets ‐‐‐ goodwill $472,500 2) Computing equipment 399,000$ /7 years 57,000$ Patented technology 1,197,000 /3 years 399,000 Trademark 582,000 indefinite 0 456,000$ 2021 equity in investee income = $1,980,000*30% ‐ $456,000 = $138,000 2022 equity in investee income = $2,165,000*30% ‐ $456,000 = $193,500 3) 12/31/2021 Investment in Sauk Trail = $4,500,000 + $138,000 ‐ $240,000*30% = $4,566,000 12/31/2022 Investment in Sauk Trail = $4,566,000 + $193,500 ‐ $250,000*30% = $4,684,500 chapter-02-in-class-questions-4w0lxza4.docx Chapters 2 In-class Assignment Question 1 On May 1, Beta Co. reported the following account balances along with their estimated fair values: Carrying Amount Fair Value Receivables $ 219,000 $ 219,000 Inventory 92,000 92,000 Copyrights 152,000 533,000 Patented technology 832,000 677,000 Total assets $ 1,295,000 $ 1,521,000 Current liabilities $ 256,000 $ 256,000 Long-term liabilities 685,000 673,000 Common stock 100,000 Retained earnings 254,000 Total liabilities and equities $ 1,295,000 On that day, Alpha paid cash to acquire all of the assets and liabilities of Beta, which will cease to exist as a separate entity. To facilitate the merger, Alpha also paid $101,500 to an investment banking firm. The following information was also available: 1. Alpha further agreed to pay an extra $81,400 to the former owners of Beta only if they meet certain revenue goals during the next two years. Alpha estimated the present value of its probability adjusted expected payment for this contingency at $40,700. 2. Beta has a research and development project in process with an appraised value of $210,500. However, the project has not yet reached technological feasibility and the project’s assets have no alternative future use. Prepare Alpha’s journal entries to record the Beta acquisition assuming its initial cash payment to the former owners was (a) $743,800 & (b) $862,800. Question 2 On January 1, Delta Company exchanges 19,336 shares of its common stock for all of the outstanding shares of Gamma, Inc. Each of Delta’s shares has a $4 par value and a $50 fair value. The fair value of the stock exchanged in the acquisition was considered equal to Gamma’s fair value. Delta also paid $45,450 in stock registration and issuance costs in connection with the merger. Several of Gamma’s accounts’ fair values differ from their book values on this date: Book Values Fair Values Receivables $ 55,250 $ 48,400 Trademarks 99,000 294,000 Record music catalog 66,250 256,000 In-process research and development 0 249,000 Notes payable (72,500 ) (63,900 ) Precombination book values for the two companies are as follows: Delta Gamma Cash $ 79,500 $ 53,500 Receivables 48,500 55,250 Trademarks 478,000 99,000 Record music catalog 923,000 66,250 Equipment (net) 324,000 137,000 Totals $ 1,853,000 $ 411,000 Accounts payable $ (144,000 ) $ (40,500 ) Notes payable (409,000 ) (72,500 ) Common stock (400,000 ) (50,000 ) Additional paid-in capital (30,000 ) (30,000 ) Retained earnings (870,000 ) (218,000 ) Totals $ (1,853,000 ) $ (411,000 ) a) Assume that this combination is a statutory merger so that Gamma’s accounts will be transferred to the records of Delta. Gamma will be dissolved and will no longer exist as a legal entity. Prepare a postcombination balance sheet for Delta as of the acquisition date. b) Assume that no dissolution takes place in connection with this combination. Rather, both companies retain their separate legal identities. Prepare a worksheet to consolidate the two companies as of the combination date. 2 chapter-02-in-class-question-answers-saw2x5ix.xlsx Chapter 2 Question 1 Chapter 2 Question 1 (a)Chapter 2 Question 1 (a) Fair value of consideration transferred by Alpha$784,500Fair value of consideration transferred by Alpha$903,500 Book value of Beta354,000Book value of Beta354,000 Excess of fair value over book value430,500Excess of fair value over book value549,500 Allocations made to speicific accounts based on acquisition-date fair and book value differences:Allocations made to speicific accounts based on acquisition-date fair and book value differences: Copyrights ($533,000- $152,000)$ 381,000 Copyrights ($533,000- $152,000)$ 381,000 Patented technology ($677,000 - $832,000)(155,000) Patented technology ($677,000 - $832,000)(155,000) In-process research and development210,500 In-process research and development210,500 Long-term liabilities ($673,000 - $685,000)12,000448,500 Long-term liabilities ($673,000 - $685,000)12,000448,500 Gain on bargain purchase($18,000)Excess fair value not identified with specific items --- goodwill$101,000 Journal entry to record the Beta acquisition:Journal entry to record the Beta acquisition: DebitCreditDebitCredit Receivables219,000Receivables219,000 Inventory92,000Inventory92,000 Copyrights533,000Copyrights533,000 Patented Technology677,000Patented Technology677,000 Research and Development Asset210,500Research and Development Asset210,500 Gain on Bargain Purchase18,000Goodwill101,000 Current Liabilities256,000 Current Liabilities256,000 Long-term Liabilities673,000 Long-term Liabilities673,000 Cash743,800 Cash862,800 Contingent Performance Liability40,700 Contingent Performance Liability40,700 Professional Services Expense101,500Professional Services Expense101,500 Cash101,500 Cash101,500 Chapter 2 Question 2a Chapter 2 Question 2aChapter 2 Question 2a Fair value of consideration transferred by Delta$966,800 Book value of Gamma298,000Before AcquisitionAfter Acquisition Excess of fair value over book value668,800Cash$79,500$87,550($79,500 + $53,500 - $45,450) Allocations made to speicific accounts based on acquisition-date fair and book value differences:Receivables48,50096,900($48,500 + $48,400) Receivables ($48,400- $55,250)$ (6,850)Trademarks478,000772,000($478,000 + $294,000) Trademarks ($294,000 - $99,000)195,000Record music catalog923,0001,179,000($923,000 + $256,000) Record music catalog ($256,000 - $66,250)189,750Equipment324,000461,000($324,000 + $137,000) In-process research and development249,000Research and development asset249,000 Notes payable ($63,900 - $72,500)8,600635,500Goodwill33,300 Excess fair value not identified with specific items --- goodwill$33,300 Total assets$1,853,000$2,878,750 Accounts payable($144,000)($184,500)($144,000 + $40,500) Notes payable(409,000)(472,900)($409,000 + $63,900) Journal entry to record the Gamma acquisition:Common Stock(400,000)(477,344)($400,000 + $77,344) DebitCreditAdditional paid-in capital(30,000)(874,006)($30,000 + $889,456 - $45,450) Cash53,500Retained earnings(870,000)($870,000) Receivables48,400 Total liabilities and equities($1,853,000)($2,878,750) Trademarks294,000 Record Music Catalog256,000 Equipment137,000 Research and Development Asset249,000 Goodwill33,300 Accounts Payable40,500 Notes Payable63,900 Common Stock (19,336*$4)77,344 Additional Paid-in Capital (19,336*$46)889,456 Additional Paid-in Capital45,450 Cash45,450 Chapter 2 Question 2b Chapter 2 Question 2b Journal entry to record the Gamma acquisition: DebitCredit Investment in Gamma966,800 Common Stock (19,336*$4)77,344 Additional Paid-in Capital (19,336*$46)889,456 Additional Paid-in Capital45,450 Cash45,450 Consolidation Entries DeltaGammaDebitsCreditsConsolidated Totals Cash34,05053,50087,550 Receivables48,50055,250(A)6,85096,900 Trademark478,00099,000(A)195,000772,000 Record music catalog923,00066,250(A)189,7501,179,000 Equipment324,000137,000461,000 Investment in Gamma Company966,800(S)298,0000 (A)668,800 Research and development asset(A)249,000249,000 Goodwill(A)33,30033,300 Total assets2,774,350411,0002,878,750 Accounts payable(144,000)(40,500)(184,500) Notes payable(409,000)(72,500)(A)8,600(472,900) Common Stock (477,344)(50,000)(S)50,000(477,344) Additional paid-in capital(874,006)(30,000)(S)30,000(874,006) Retained earnings(870,000)(218,000)(S)218,000(870,000) Total liabilities and equities(2,774,350)(411,000)(2,878,750) quiz-1-34l5pgbh.jpg sample-qs-quiz-1-yfc2la5p.jpg quiz-1-more-2odxpbr4.jpg quiz-1-b-irjomwu3.jpg