On January 1, 2016, Uncle Company purchased 80 percent of Nephew Company’s capital stock for $704,000 in cash and other assets. Nephew had a book value of $844,000 and the 20 percent noncontrolling interest fair value was $176,000 on that date. On January 1, 2015, Nephew had acquired 30 percent of Uncle for $305,000. Uncle’s […]
Firenze Company developed a specialized banking application software program that it licenses to various financial institutions through multiple-year agreements. On January 1, 2018, these licensing agreements have a fair value of $812,500 and represent Firenze’s sole asset. Although Firenze currently has no liabilities, the company has a $181,000 net operating loss (NOL) carryforward because of […]
Poehling Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and includes the direct materials costs (drugs and medical devices), physician surgical time, and operating room overhead. On January 1 of the current year, […]
The Converting Department of Hopkinsville Company had 840 units in work in process at the beginning of the period, which were 25% complete. During the period, 17,600 units were completed and transferred to the Packing Department. There were 960 units in process at the end of the period, which were 70% complete. Direct materials are […]
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