lisa - Crain Downey 12/31/2005 3/31/2005 12/31/2005 Cash...

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Unformatted text preview: Crain Downey 12/31/2005 3/31/2005 12/31/2005 Cash 730,000 175,000 180,000 Inventory 1,950,000 260,000 340,000 Accumulated Depreciation 17,650,000 5,150,000 5,765,000 Plant and Equipment-4,655,000-935,000-1,250,000 Investment in downey 3,886,875 Expenses 6,400,000 1,000,000 4,265,000 Dividends 1,275,000 150,000 250,000 Total Debits 27,236,875 5,800,000 9,550,000 Liabilities 3,550,000 650,000 500,000 Common Stock 350,000 100,000 100,000 Additional Paid-In Capital 2,650,000 850,000 850,000 Retained Earnings 9,720,000 2,800,000 2,800,000 Sales 10,650,000 1,400,000 5,300,000 Extraordinary Gain From Aquision of Downe 105,000 Investment Income 211,875 Total Credits 27,236,875 5,800,000 9,550,000 Crane Mechanics acquired 75 percent of Downey Enterprises on March 31, 2005, for $3,645,000. Downeys book value at that date totaled $4,000,000. Appraisal values were greater than book values for identifiable assets in the following amounts: Inventory ($300,000) and Plant and Equipment ($700,000). The purchase differential for Inventory is to be amortized over five months and Plant and($700,000)....
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This note was uploaded on 12/15/2011 for the course ACC ACC taught by Professor Mari during the Fall '10 term at University of Phoenix.

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lisa - Crain Downey 12/31/2005 3/31/2005 12/31/2005 Cash...

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