By Fischer P.M., Taylor W.J., Cheng R.H.
Complicated ACCOUNTING deals the main authoritative, conceptually powerful, and accomplished assurance of complicated accounting issues of any textual content out there. thoroughly up to date to mirror the most recent FASB pronouncements, it's a great practise source for the CPA examination. complex ACCOUNTING additionally offers the instruments scholars have to pursue expert careers in a world financial system. this is often the single textual content out there to make use of the horizontal method of consolidations worksheets, the structure most ordinarily utilized in the enterprise global.
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Additional resources for Advanced Accounting (with Electronic Working Papers CD-ROM and Student Companion Book)
Building . . . . . . . . . . . . . . . . . . . Deferred Tax Asset (on NOL) . . . . . . . . . . . . Goodwill . . . . . . . . . . . . . . . . . . Liabilities . . . . . . . . . . . . . . . . . . Deferred Tax Liability ($30,000 building ϩ $15,000 goodwill) Common Stock, $10 par, 8,500 shares . . . . . . . . Paid-In Capital in Excess of Par, 8,500 shares ϫ $40 . . . Cash (for direct acquisition costs) .
Paid-In Capital in Excess of Par . . . . . . . . . . . . 80,000 10,000 70,000 The additional goodwill is added to existing goodwill, and the resulting total is subject to impairment testing. Special procedures are needed when there is contingent consideration, based on performance, in a purchase that is at a price (before the contingent consideration) below the fair value of net identifiable assets. For example, the price paid on the purchase date is $600,000, the net priority assets total $100,000 and the nonpriority assets total $700,000.
50,000 100,000 300,000 60,000 50,000 80,000 45,000 85,000 340,000 10,000 560,000 560,000 Procedures get complicated if the tax-free exchange occurs at a bargain price. If the total value given had been only $350,000 (6,800 shares issued plus $10,000 direct acquisition costs), the zone analysis above would make only $320,000 ($350,000 total Ϫ $30,000 for priority accounts) available for the land and the building. The $320,000 would be the total amount available, net of the tax adjustment.