Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, beckman, inc., acquires 60 percent o

On January 1, Beckman, Inc., acquires 60 percent of the outstanding...

70.2K

Verified Solution

Question

Accounting

image
On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $58,704 Calvin Co. has one recorded asset, a specialized production machine with a book value of $13,100 and no labilities. The fair value of the machine is $85,600, and the remaining useful life is estimated to be 10 years. Any remaining excess folr value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin's total acquisition date for value is $97,840 At the end of the year, Calvin reports the following in its financial statements: Revenues Expenses Net Income $ 61,650 29, 250 $ 32,400 $ 5,000 Machine other assets Total assets $11,790 28, 710 $ 40,500 Common stock Retained earnings Total equity $13, 100 27,400 $ 40,500 Dividends and Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest. Calvin's machine (net of accumulated depreciation), and the process trade secret. Amount Noncontrolling interest in subsidiary income Total noncontrolling interest Calvin's machine (net accumulated depreciation) Dende secret

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Intermolecular forces, heating curves, phase diagrams, Clausius-Clapyron equation, and Unit cell calculations 1.     If 42.0 kJ of...

Mechanical Engineering
1.2K views

According to the valve adjustment diagram in gasoline engines, explain the following by stating on the...

General Management
1.2K views

Provide a forecast on a new product that you will be developing. Often managers are called...

Geometry
1.2K views

etting ready for tomorrow Given the triangle below what are the coordinates of point A...

Geometry
1.2K views

What polygon can be formed by using the points A 1 1 B 10 1...

Basic Math
1.2K views

A tree has 99 400 leaves before autumn Once autumn begins the number of leaves...

Calculus
1.2K views

stion 4 bounded region shown for each problem repres he given cross sections Set up...

Calculus
1.2K views

The solution to this initial value problem dy dx is U T 4e 3 cos...

Algebra
1.2K views

Express the given decimal as a percent 0 99

Accounting
1.2K views

Requlred Information [The following information applies to the questions displayed below.] Jorgansen...

Accounting
1.2K views

Stahl Company was incorporated as a new business on January 1, 2019. The company is...

Finance
1.2K views

CD Bargain Barn is forecasting earnings per share of $3.30 next year. Its investors require...