高级会计 C1参考答案.docx
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高级会计 C1参考答案.docx
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高级会计C1参考答案
SOLUTIONSTOEXERCISES
E1-1Multiple-ChoiceQuestionsonComplexOrganizations
1.b
2.d
3.a
4.b
5.d
E1-2Multiple-ChoiceQuestionsonRecordingBusinessCombinations
[AICPAAdapted]
1.a
2.c
3.d
4.d
5.c
E1-3Multiple-ChoiceQuestionsonReportedBalances[AICPAAdapted]
1.d
2.d
3.c
4.c
E1-4Multiple-ChoiceQuestionsInvolvingAccountBalances
1.c
2.c
3.b
4.b
5.b
E1-5AssetTransfertoSubsidiary
a.JournalentryrecordedbyPaleCompanyfortransferofassetstoBrightCompany:
InvestmentinBrightCompanyCommonStock
408,000
AccumulatedDepreciation–Buildings
24,000
AccumulatedDepreciation–Equipment
36,000
Cash
21,000
Inventory
37,000
Land
80,000
Buildings
240,000
Equipment
90,000
b.JournalentryrecordedbyBrightCompanyforreceiptofassetsfromPaleCompany:
Cash
21,000
Inventory
37,000
Land
80,000
Buildings
240,000
Equipment
90,000
AccumulatedDepreciation–Buildings
24,000
AccumulatedDepreciation–Equipment
36,000
CommonStock
60,000
AdditionalPaid-InCapital
348,000
E1-6CreationofNewSubsidiary
a.JournalentryrecordedbyLesterCompanyfortransferofassetstoMumbyCorporation:
InvestmentinMumbyCorporationCommonStock
498,000
AllowanceforUncollectibleAccountsReceivable
7,000
AccumulatedDepreciation–Buildings
35,000
AccumulatedDepreciation–Equipment
60,000
Cash
40,000
AccountsReceivable
75,000
Inventory
50,000
Land
35,000
Buildings
160,000
Equipment
240,000
b.JournalentryrecordedbyMumbyCorporationforreceiptofassetsfromLesterCompany:
Cash
40,000
AccountsReceivable
75,000
Inventory
50,000
Land
35,000
Buildings
160,000
Equipment
240,000
AllowanceforUncollectible
AccountsReceivable
7,000
AccumulatedDepreciation–Buildings
35,000
AccumulatedDepreciation–Equipment
60,000
CommonStock
120,000
AdditionalPaid-InCapital
378,000
E1-7BalanceSheetTotalsofParentCompany
a.JournalentryrecordedbyFosterCorporationfortransferofassetsandaccountspayabletoKlineCompany:
InvestmentinKlineCompanyCommonStock
66,000
AccumulatedDepreciation
28,000
AccountsPayable
22,000
Cash
15,000
AccountsReceivable
24,000
Inventory
9,000
Land
3,000
DepreciableAssets
65,000
b.JournalentryrecordedbyKlineCompanyforreceiptofassetsandaccountspayablefromFosterCorporation:
Cash
15,000
AccountsReceivable
24,000
Inventory
9,000
Land
3,000
DepreciableAssets
65,000
AccumulatedDepreciation
28,000
AccountsPayable
22,000
CommonStock
48,000
AdditionalPaid-InCapital
18,000
E1-8CreationofPartnership
a.
JournalentryrecordedbyGloverCorporationfortransferofassetstoG&RPartnership:
InvestmentinG&RPartnership
450,000
AccumulatedDepreciation–Buildings
60,000
AccumulatedDepreciation–Equipment
40,000
Cash
10,000
AccountsReceivable
19,000
Inventory
35,000
Land
16,000
Buildings
260,000
Equipment
210,000
b.
JournalentryrecordedbyRenfroCompanyforthetransferofcashtoG&RPartnership:
InvestmentinG&RPartnership
50,000
Cash
50,000
c.
JournalentryrecordedbyG&RPartnershipforreceiptofassetsfromGloverCorporationandRenfroCompany:
Cash
60,000
AccountsReceivable
19,000
Inventory
35,000
Land
16,000
Buildings
260,000
Equipment
210,000
AccumulatedDepreciation–Buildings
60,000
AccumulatedDepreciation–Equipment
40,000
Capital,GloverCorporation
450,000
Capital,RenfroCompany
50,000
E1-9AcquisitionofNetAssets
SunCorporationwillrecordthefollowingjournalentries:
(1)
Assets
71,000
Goodwill
9,000
Liabilities
20,000
Cash
60,000
(2)
MergerExpense
4,000
Cash
4,000
E1-10ReportingGoodwill
a.Goodwill:
$120,000=$310,000-$190,000
Investment:
$310,000
b.Goodwill:
$6,000=$196,000-$190,000
Investment:
$196,000
c.Goodwill:
$0;nogoodwillisrecordedwhenthepurchasepriceisbelowthefair
valueofthenetidentifiableassets.
Investment:
$190,000;recordedatthefairvalueofthenetidentifiableassets.
E1-11StockAcquisition
JournalentrytorecordthepurchaseofTippyInc.,shares:
InvestmentinTippyInc.,CommonStock
986,000
CommonStock
425,000
AdditionalPaid-InCapital
561,000
$986,000=$58x17,000shares
$425,000=$25x17,000shares
$561,000=($58-$25)x17,000shares
E1-12BalancesReportedFollowingCombination
a.
StockOutstanding:
$200,000+($10x8,000shares)
$280,000
b.
CashandReceivables:
$150,000+$40,000
190,000
c.
Land:
$100,000+$85,000
185,000
d.
BuildingsandEquipment(net):
$300,000+$230,000
530,000
e.
Goodwill:
($50x8,000)-$355,000
45,000
f.
AdditionalPaid-InCapital:
$20,000+[($50-$10)x8,000]
340,000
g.
RetainedEarnings
330,000
E1-13GoodwillRecognition
JournalentrytorecordacquisitionofSpurCorporationnetassets:
CashandReceivables
40,000
Inventory
150,000
Land
30,000
PlantandEquipment
350,000
Patent
130,000
Goodwill
55,000
AccountsPayable
85,000
Cash
670,000
E1-14AcquisitionUsingDebentures
JournalentrytorecordacquisitionofSordenCompanynetassets:
CashandReceivables
50,000
Inventory
200,000
Land
100,000
PlantandEquipment
300,000
DiscountonBondsPayable
17,000
Goodwill
8,000
AccountsPayable
50,000
BondsPayable
625,000
Computationofgoodwill
Fairvalueofconsiderationgiven
$608,000
Fairvalueofassetsacquired
$650,000
Fairvalueofliabilitiesassumed
(50,000)
Fairvalueofnetassetsacquired
600,000
Goodwill
$8,000
E1-15BargainPurchase
JournalentrytorecordacquisitionofSordenCompanynetassets:
CashandReceivables
50,000
Inventory
200,000
Land
100,000
PlantandEquipment
300,000
DiscountonBondsPayable
16,000
AccountsPayable
50,000
BondsPayable
580,000
GainonBargainPurchaseofSubsidiary
36,000
Thegainrepresentstheexcessofthe$600,000fairvalueofthenetassets
acquired($650,000-$50,000)overthe$564,000paidtopurchaseownership.
E1-16ImpairmentofGoodwill
a. Goodwillof$80,000willbereported.Thefairvalueofthereportingunit($340,000)isgreaterthanthecarryingamountoftheinvestment($290,000)andthegoodwilldoesnotneedtobetestedforimpairment.
b. Goodwillof$35,000willbereported(fairvalueofreportingunitof$280,000-fairvalueofnetassetsof$245,000).Animpairmentlossof$45,000($80,000-$35,000)willberecognized.
c. Goodwillof$15,000willbereported(fairvalueofreportingunitof$260,000-fairvalueofnetassetsof$245,000).Animpairmentlossof$65,000($80,000-$15,000)willberecognized.
E1-17AssignmentofGoodwill
a. Noimpairmentlosswillberecognized.Thefairvalueofthereportingunit($530,000)isgreaterthanthecarryingvalueoftheinvestment($500,000)andgoodwilldoesnotneedtobetestedforimpairment.
b. Animpairmentofgoodwillof$15,000willberecognized.Theimpliedvalueofgoodwillis$45,000($485,000-$440,000),whichrepresentsa$15,000decreasefromtheoriginal$60,000.
c. Animpairmentofgoodwillof$50,000willberecognized.Theimpliedvalueofgoodwillis$10,000($450,000-$440,000),whichrepresentsa$50,000decreasefromtheoriginal$60,000.
E1-18GoodwillAssignedtoReportingUnits
Goodwillof$158,000($60,000+$48,000+$0+$50,000)shouldbereported,computedasfollows:
ReportingUnitA:
Goodwillof$60,000shouldbereported.Theimpliedvalueofgoodwillis$90,000($690,000-$600,000)andthecarryingamountofgoodwillis$60,000.
ReportingUnitB:
Goodwillof$48,000shouldbereported.Thefairvalueofthereportingunit($335,000)isgreaterthanthecarryingvalueoftheinvestment($330,000).
ReportingUnitC:
Nogoodwillshouldbereported.Thefairvalueofthenetassets($400,000)exceedsthefairvalueofthereportingunit($370,000).
ReportingUnitD:
Goodwillof$50,000shouldbereported.Thefairvalueofthereportingunit($585,000)isgreaterthanthecarryingvalueoftheinvestment($520,000).
E1-19GoodwillMeasurement
a. Goodwillof$150,000willbereported.Thefairvalueofthereportingunit($580,000)isgreaterthanthecarryingvalueoftheinvestment($550,000)andgoodwilldoesnotneedtobetestedforimpairment.
b. Goodwillof$50,000willbereported.Theimpliedvalueofgoodwillis$50,000(fairvalueofreportingunitof$540,000-fairvalueofnetassetsof$490,000).Thus,animpairmentofgoodwillof$100,000($150,000-$50,000)mustberecognized.
c. Goodwillof$10,000willbereported.Theimpliedvalueofgoodwillis$10,000(fairvalueofreportingunitof$500,000-fairvalueofnetassetsof$490,000).Thus,animpairmentlossof$140,000($150,000-$10,000)mustberecognized.
d. Nogoodwillwillbereported.Thefairvalueofthenetassets($490,000)exceedsthefairvalueofthereportingunit($460,000).Thus,theimpliedvalueofgoodwillis$0andanimpairmentlossof$150,000($150,00
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