Accounting Assignment | Custom Assignment Help

Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2014, by issuing 9,000 shares of $10 par value common stock. Haynes’s shares had a $20 per share fair value. On that date, Turner reported a net book value of $100,000. However, its equipment (with a five-year remaining life) was overvalued by $5,000 in the company’s accounting records. Also, Turner had developed a customer list with an assessed value of $30,000, although no value had been recorded on Turner’s books. The customer list had an estimated remaining useful life of 10 years. Turner’s land was undervalued by 10,000. Turner’s patent, which has 10 years of useful life remaining, was undervalued by 15,000.

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a.           What is balance of the investment account of Haynes right after this acquisition? Write down the relevant journal entries and the affected accounts (6 points).

b.           What is the consolidated balance sheet numbers for Haynes and Turner on December 31, 2014? Please fill out the table below and write down the corresponding journal entries (10 points)

c.            What should be the investment income of Haynes 2014? (5 points)

d.           What should be the balance of investment account of Haynes for 2014? (5 points)

e.           Had Haynes acquired 80% instead of 100% of Turner’s shares (Haynes issued 8,000 shares instead of 9,000 shares other conditions remain the same), what is the journal entry to document the transaction? (2 points)

f.            What should be the investment income of Haynes for 2014? (2 points)

g.            What should be the balance of non-controlling interests on December 31, 2014? (2 point)

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