Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 5 of 5 current attempt in progress bram

Question 5 of 5 Current Attempt in Progress Bramble...

80.2K

Verified Solution

Question

Accounting

Question 5 of 5
Current Attempt in Progress
Bramble Inc. purchased 30% of Nadal Corporation's 32,500 outstanding common shares at a cost of $15 per share on January 3,2023.
The purchase price of $15 per share was based solely on the book value of Nadal's net assets. On September 21,Nadal declared and
paid a cash dividend of $42,100. On December 31, Bramble's year end, Nadal reported net income of $92,000 for the year. Nadal
shares had a fair value of $14.80 per share at December 31. Bramble, a private Canadian corporation, applies ASPE.
(a)
Under the assumption that the 30% holding of Nadal does not give Bramble significant influence over Nadal, identify the possible
accounting methods Bramble could use under ASPE to account for its investment. Prepare all required 2023 journal entries under
each acceptable method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem
statement. List all debit entries before credit entries. Round answers to 0 decimal places, e.g.5,275.)
image

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

Geometry
1.2K views

What is the slope of the line passing through the points 6 6 and 7...

Physics
1.2K views

In a Young's double-slit experiment the wavelength of light used is 462 nm (in vacuum), and...

Basic Math
1.2K views

Given M find M and show that M Ma M Find M 10 81

Algebra
1.2K views

The probability a 25 year old male passes away within the year is 001430 He...

Accounting
1.2K views

Accounting
1.2K views

Pedro sells investment land on September 1, 2016. Information pertaining to the sale follows: ...

Accounting
1.2K views

Journal entry worksheet The Office Supplies account had a $370 debit balance at the beginning...

Accounting
1.2K views

A job will start you off at $81400 a year and give you a 1.6%...

Accounting
1.2K views

Using activity based costume results in a different total amount of overhead allocated than the...

Accounting
1.2K views

As a result of a slowdown in operations, Mercantile Stores is offering to employees who...

Finance
1.2K views

Assuming perfect market, for the same amount of payout, if a company pays less cash...

Accounting
1.2K views

The following information is for the Jeffries Corporation: Product A: Revenue $9.00 Variable Cost $5.00...