Assignment 9 (Chapter 11) On December 31, Year 1, Precision Manufacturing Inc. (PMI) of Edmonton purchased 100% of the outstanding ordinary shares of Sandora Corp. of Flint, Michigan. Sandora’s comparative statement of financial position and Year 2 income statement...
Assignment 8 (Chapter 10) Question 1 Chicken Flick is a Canadian restaurant that is owned by two exceptional chefs, Usain King and Florence Joyner. The restaurant is known for its delicious chicken recipes based on their Jamaican heritage. The restaurant has recently...
Assignment 7 (Chapter 9) Selected accounts from the financial statements for Yemellas Inc. under three different methods of accounting for its 40% interest in Wawa Ltd. are presented below. There was no acquisition differential and were no intercompany transactions....
Assignment 6 (Chapter 8) Johannes Inc. acquired 80 percent of Corner Brook Ltd. common shares on January 1, Year 4, for $720,000. At that date, the fair value of the non-controlling interest was $180,000. Corner Brook’s balance sheet contained the following amounts at...
Assignment 5 (Chapters 6 & 7) Paper Corp. purchased 70% of the outstanding shares of Sand Ltd. on January 1, Year 2, at a cost of $84,000. Paper has always used the equity method to account for its investments. On January 1, Year 2, Sand had common shares of...