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Assignment Question(s): (Marks 15) Q1. Z Corporation acquired 100% of the outsta

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Assignment Question(s): (Marks 15)
Q1. Z Corporation acquired 100% of the outstanding common stock of Sake X Corporation for $ 3,000,000 cash and 50,000 shares of its own common stock ($1 par value), which was trading at $30 per share at the acquisition date.(3 marks)
Required: Prepare The Journal Entry to Record the Acquisition Transaction on the Acquiring Incorporation’s Journal.
Answer:
Q2. In The Process of the Acquisition, Z Incorporation Paid In Cash the Following Expenses ($): (3 marks)
Legal fees
50,000
Accounting fees 20,000
Travel expenses 5,000
Legal fees (SEC) 40,000
Accounting fees (SEC) 10,000
SEC filing fees 15,000
Required: Prepare the journal entry to record the acquisition expenses.
Answer:
Q3. Z Incorporation acquired significant influence over Y Company by purchasing 100 percent of the common stock of the Y Incorporation for $100,000; Y earns income of $50,000 and pays dividends of $10,000(4 marks)
Required: Pass Journal Entries To Update The Investment Account In Y Incorporation Using Equity Method And Cost Method.
Answer:
Q4. Given the Following Information for 2023(5 marks)
Z owns 70% of Y
Y net income for 2023 is $150,000
Y declares dividends of $10,000 during 2023.
Y has 20,000 shares of $ 1 par value per stock outstanding that issued for $10 per share.
Y beginning balance in Retained Earnings for 2023 is $50,000.
Required: Prepare Basic Elimination Entry Using Equity Method
Answer

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