Lesson2 - $60,000 Investment in Jeff's Computer Store...

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Lesson 2 ACCT 4022 Enrollment #: 648057 Submitted by Aaron Adderley Multiple Choice Questions 2-1) B 2-2) D 2-3) A 2-4) C 2-5) D 2-6) D 2-7) B 2-8) A 2-9) C Exercises 2-1 A) To record the acquisition of Jacobi : Investment in Jacobi $450,000 Long Term Debt $450,000 B) Eliminating Entry to Consolidate Richard and Jacobi Common Stock $50,000 Retained Earnings $400,000 Investment in Jacobi $450,000 C)
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2-3 Refer below for the purchase differential allocation schedule:
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2-4 A) To record the acquisition of David's Pottery by Mitchell Ceramics : Investment in David's Pottery $200,000 Common Stock (Mitchell) $40,000 Additional Paid In Capital (Mitchell) $148,000 Cash $12,000 B) Common Stock David's Pottery $40,000 Retained Earnings $130,000 Inventory $10,000 Plan Assets $7,000 Patents $13,000 Investment in David's Pottery $200,000 C) 2-7 A) Common Stock $75,000 Retained Earnings $715,000 Preacquistion Earnings $200,000 Inventory $70,000 Plant Assets $180,000 Goodwill
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Unformatted text preview: $60,000 Investment in Jeff's Computer Store $1,300,000 C) Common Stock $75,000 Retained Earnings $715,000 Preacquistion Earnings $200,000 Inventory $70,000 Accumulated Depreciation $500,000 Goodwill $60,000 Plant Assets (existing balance) $ 320,000 Investment in Jeff's Computer Store $1,300,000 2-13 A) Common Stock $250,000 Retained Earnings $905,000 Preacquistion Earnings $540,000 Inventory $140,000 Plant Assets(net) $180,000 Patents $100,000 Goodwill $1,335,000 Investment in Amy's Computer Supply $2,760,000 Non controlling Interest $ 690,000 C) Common Stock $250,000 Retained Earnings $905,000 Preacquistion Earnings $540,000 Inventory $140,000 Accumulated Depreciation $420,000 Patents $100,000 Goodwill $1,335,000 Investment in Amy's Computer Supply $2,760,000 Non controlling Interest $ 690,000 Plant Assets (existing balance) $ 240,000...
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This note was uploaded on 07/06/2008 for the course ACCT 4022 taught by Professor Carl during the Spring '08 term at LSU.

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Lesson2 - $60,000 Investment in Jeff's Computer Store...

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