ACCY 401 Midterm Exam A Spring 2016 Solution.docx

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1 Professor Beck Name_______________________ Spring 2016 Section Time____________ Accountancy 401 Mid-term Exam 2 Solution You will have 75 minutes in which to complete the exam. The exam has 8 pages. On questions involving numerical calculations, you must show your work to receive credit. Be sure to keep your eyes on your own exam and do your own work! Any students who are caught cheating will receive a score of “zero” on the exam and will not be allowed to use the comprehensive final exam to replace the missing points. Point allocations on the exam are as follows: Part Possible Points Points Earned I 45 II 37 III 20 Total 102 Version A

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2 (To amortize \$20,000 Differential allocated to Patent over 20 years* 60%) Cash/Dividends Receivable \$12,000 Investment in Talladega \$12,000 3. What is the book value of Talladega’s shareholders’ Equity on 12/31/X1? (5) Retained Earnings (1/1/X1) \$500,000 Add: T's Net Income \$100,000 Subtract: T's Dividends (\$20,000) T's Retained Earnings (12/31/X1) \$580,000 Capital Stock \$400,000 T's Equity on 12/31/X1 \$980,000 4. At what amount should Bristol value its investment in Talladega on 12/31/X1? Show calculations below:
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