Assignment Question(s) :(Marks 15) Q1. ZCorporationacquired 100% of the outstanding common stock of Sake X Corporation for $ 3,000,000cash and 50,000 shares of its own common stock ($1 par value), which was trading at $30 per share at the acquisition date.(3 marks) Required: Prepare The Journal Entry to Record the Acquisition Transaction on the Acquiring Incorporations Journal. Answer: Q2.In The Process of the Acquisition, Z Incorporation Paid In Cash the Following Expenses ($): (3 marks) Legal fees 50,000 Accounting fees 20,000 Travel expenses 5,000 Legal fees (SEC) 40,000 Accounting fees (SEC) 10,000 SEC filing fees 15,000 Required:Prepare the journal entry to record the acquisition expenses. Answer: Q3. ZIncorporation acquired significant influence over Y Company by purchasing 100 percent of the common stock of the Y Incorporation for $100,000; Y earns income of $50,000 and pays dividends of $10,000(4 marks) Required: Pass Journal Entries To Update The Investment AccountIn Y Incorporation Using Equity Method And Cost Method. Answer: Q4. Given the Following Information for 2023(5 marks) Z owns 70% of Y Y net income for 2023 is $150,000 Y declares dividends of $10,000 during 2023. Y has 20,000 shares of $ 1 par value per stock outstanding that issued for $10 per share. Y beginning balance in Retained Earnings for 2023 is $50,000. Required:Prepare Basic Elimination Entry Using Equity Method Answer Share on Facebook Tweet Follow us This question has been answered. Get Answer
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