Entries by Hannah Wangui

Pine Company owns 40 percent (140,000 shares) of Seacrest, Inc., which it purchased several years ago for $644,000. Since the date of acquisition, the equity method has been properly applied, and the carrying amount of the investment account as of January 1, 2015, is $875,000. Excess patent cost amortization of $42,000 is still being recognized each year. During 2015, Seacrest reports net income of $942,000 and a $420,000 other comprehensive loss, both incurred uniformly throughout the year. No dividends were paid during the year. Pine sold 28,000 shares of Seacrest on August 1, 2015, for $223,454 in cash. However, Pine retains the ability to significantly influence the investee. During the last quarter of 2014, Pine sold $75,000 in inventory (which it had originally purchased for only $45,000) to Seacrest. At the end of that fiscal year, Seacrest’s inventory retained $12,300 (at sales price) of this merchandise, which was subsequently sold in the first quarter of 2015. On Pine’s financial statements for the year ended December 31, 2015, what income effects would be reported from its ownership in Seacrest? (Round your answers to the nearest whole dollar.) }uetr”:ontidaliValeabtTarst,”uetr”:ederswAnis,””””:ontiipcres_dab”t},:{2″_6,”0]:[7″_6,”llnu”:51″_},e}lsfa”:cylipo,”Z”-%20A%20:%20rtso:”r”deOrrtso,””]ssloe%20ivnsherempcor%20heOt,”n”ai%20gvesienehprom%20certh”O”,t%20entmesnv%20iofe%20al%20sons%20os”L”,t%20entmesnv%20iofe%20al%20sonn%20ai”G”,ssloy%20itqu”E”,mecoiny%20itqu”E:[t”is”l”,dd:”e”amnNowpDro”d0,”:25″_:{0″{“”:26″_},0}”:66″_0,”:_6{“”:”1:{2″_3,”seal:f2″_4,”-1″:50″_1,”:24″_1,”:31″_0,”:_5,”:04″”_e,lsfa”:48″_},:{7″_3,”}]36:37″_7,”28:14″_3{“:[3″_2,”uetr”:45″_”,e1tlTiw%20Ne:”e”am”n],e}ru:t7″_4,”:64″_5,”}]L”CO:”0″_9,”1}”:89″_3,”:88″_0,”:87″_1,”:86″_:{5″_8,”E”FLUFSH:”3″_7{“:[3″_3,””}00″1″:c1,”4″19:”0″”c:{9″_1,””}23:”3″,”3″”2″:”2″,23:”1″,”3″”2″:”0:{9″_5,”]]}}1″:”4″_8,”e”nspoespRougrd%20leffhu%20sceaneroleTluvae%20nspoes%20rermbNulety”s”:_7,”e”luva:”0″_7,”:11″_7,”e}ru:t4″_4,”t”ghri:”8″_6,”uetr”:43″_”,ONTILUSO:”6″_7{“”:55″_},”}”%24″:81″_2,”:53″_e,ru:t3″_6{“”:55″_”,CYENRRCU:”3″_7{“”:29″_},”}0023:”5″_7{“”:_0,””}:”9″_7,”~”5)(3~j:”5″_7{“”:56″_},”””:79″_”,:”5″_7{“”:30″_:{2″”_:{0″_2{“},”}”1″:84″_”,seonspReupro%20gedflufsht%20isnLowpDro%20dgema_ibg:”7″”_”,r30__cllce0_leab_t”0″:38″_”,wnDoopdr:”7″_2,”:05″_2,”e}ru:t4″_4,”uetr”:43″_”,ONTILUSO:”6″_7{“”:55″_},”}ssloy%20itqu”E”:75″_:{0″”_},”””:79″_”,t%20entmesnv%20iofe%20al%20sonn%20ai”G”:75″_:{6″_5,””}:”9″_7,””””:75″_:{0″_3{“”:_2{“”:20″_[{],}}1″:”4″_8,”e”nspoespRougrd%20leffhu%20sseonsprer%20beumeNylst:”7″”_},uetr”:44″_”,htig”r”:68″_e,ru:t3″_4,”N”IOUTOL”S”:76″_:{5″_5,”}}uetr”:_1,”%24″:”1″_8,”:23″_5,”uetr”:63″_:{5″_5,”Y”NCREUR”C”:73″_:{9″_2,”}}0″40″5″:75″_:{0″”_},”””:79″_”,)~17j(-~:”5″_7{“”:56″_},”””:79″_”,:”5″_7{“”:30″_:{2″”_:{0″_2{“},uetr”:57″_},1″:”4″_8,”e”nspoespRougrd%20leffhu%20sstLiwnDoopdre%20agimg_”b”:_7,”2″_rc0l_el_ce0blta0_:”8″_3,”n”owpDro”d”:27″_0,”:25″_},uetr”:44″_e,ru:t3″_4,”N”IOUTOL”S”:76″_:{5″_5,”}}e”omnc%20ityuiEq:”5″_7{“”:_0,””}:”9″_7,”s”os%20lvesienehprom%20certh”O”:75″_:{6″_5,””}:”9″_7,””””:75″_:{0″_3{“”:_2{“”:20″_[{],}}1″:”4″_8,”e”nspoespRougrd%20leffhu%20sceaneroleTluvae%20nspoes%20rermbNulety”s”:_7,”e”luva:”0″_7,”:11″_7,”e}ru:t4″_4,”t”ghri:”8″_6,”uetr”:43″_”,ONTILUSO:”6″_7{“”:55″_},”}”%24″:81″_2,”:53″_e,ru:t3″_6{“”:55″_”,CYENRRCU:”3″_7{“”:29″_},”}0023:”5″_7{“”:_0,””}:”9″_7,”~”7)(2~j:”5″_7{“”:56″_},”””:79″_”,:”5″_7{“”:30″_:{2″”_:{0″_2{“},”}”1″:84″_”,seonspReupro%20gedflufshe%20agimg_%20bstLiwnDoopdr:”7″”_”,wnDoopdr:”7″_2,”:05″_2,”e}ru:t4″_4,”uetr”:43″_”,ONTILUSO:”6″_7{“”:55″_},”}ssloy%20itqu”E”:75″_:{0″”_},”””:79″_”,mecoiny%20itqu”E”:75″_:{6″_5,””}:”9″_7,””””:75″_:{0″_3{“”:_2{“”:20″_[{],}}%3B”neno:%20ayplis%20dx%3B0p:%20ntdeint-ex%20t)%3B11%2023,16,%2037(1gb%20rr:locod-unrokgac”b”:_8,”r”teeneCylstd%20oleBylst:”7″”_},1″0_:”8″_7,”r”teen”c”:68″_e,ru:t0″_1,”)”11%2023,16,%2037(1gb”r”:_9,”N”IOSTUE”Q”:76″_:{5″_5,”}}”””:79″_”,:”5″_7{“”:30″_:{2″”_:{0″_2{“},”}x%3B0p:%20ntdeint-ex%20t)%3B11%2023,16,%2037(1gb%20rr:locod-unrokgac”b”:_8,”d”oleBylstr%20teeneCylst:”7″”_2,”:16″_},0″0_:”8″_7,”uetr”:10″_”,erntce:”8″_6,”)”11%2023,16,%2037(1gb”r”:_9,”N”IOSTUE”Q”:76″_:{5″_5,”}}”””:79″_”,C.IN,%20STREACSE:”5″_7{“”:30″_:{2″”_:{0″_2{“[[“:13″_e,lsfa”:41″_},n”owpDro”d”:27″_1,:-5″_2,”{}”:75″_e,lsfa”:82″_:{8″_2,””””:22″_e,lsfa”:35″_e,ru:t6″_3,”{}”:55″_”,leab%20TedtltiUn:”9″_6,”:27″_1,”:48″_5{“:[5″_6{“

August 13, 2019 in /by

Pine Company owns 40 percent (140,000 shares) of Seacrest, Inc., which it purchased several years ago for $644,000. Since the date of acquisition, the equity method has been properly applied, and the carrying amount of the investment account as of January 1, 2015, is $875,000. Excess patent cost amortization of $42,000 is still being recognized […]

 

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A company uses the periodic inventory method and the beginning inventory is overstatedby $4,000 because the ending inventory in the previous period was overstated by $4,000.The amounts reflected in the current end of the period balance sheet are AssetsOwner’s Equity a.OverstatedOverstated b.CorrectCorrect c.UnderstatedUnderstated d.OverstatedCorrect

August 13, 2019 in /by

A company uses the periodic inventory method and the beginning inventory is overstatedby $4,000 because the ending inventory in the previous period was overstated by $4,000.The amounts reflected in the current end of the period balance sheet are AssetsOwner’s Equity a.OverstatedOverstated b.CorrectCorrect c.UnderstatedUnderstated d.OverstatedCorrect   Looking for a Similar Assignment? Order now and Get 10% […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

company uses the periodic inventory method and the beginning inventory is overstatedby $4,000 because the ending inventory in the previous period was overstated by $4,000.The amounts reflected in the current end of the period balance sheet are AssetsOwner’s Equity a.OverstatedOverstated b.CorrectCorrect c.UnderstatedUnderstated d.OverstatedCorrect

August 13, 2019 in /by

company uses the periodic inventory method and the beginning inventory is overstatedby $4,000 because the ending inventory in the previous period was overstated by $4,000.The amounts reflected in the current end of the period balance sheet are AssetsOwner’s Equity a.OverstatedOverstated b.CorrectCorrect c.UnderstatedUnderstated d.OverstatedCorrect   Looking for a Similar Assignment? Order now and Get 10% Discount! […]

 

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Madison Seniors Care Center is a nonprofit organization that provides a variety of health services to the elderly. The center is organized into a number of departments, one of which is the Meals-On-Wheels program that delivers hot meals to seniors in their homes on a daily basis. Below are listed a number of cos

August 13, 2019 in /by

Madison Seniors Care Center is a nonprofit organization that provides a variety of health services to the elderly. The center is organized into a number of departments, one of which is the Meals-On-Wheels program that delivers hot meals to seniors in their homes on a daily basis. Below are listed a number of costs of […]

 

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