Question

In: Accounting

On January 1, 2020, Coronado Inc. had cash and common stock of $60,530. At that date,...

On January 1, 2020, Coronado Inc. had cash and common stock of $60,530. At that date, the company had no other asset, liability, or equity balances. On January 2, 2020, it purchased for cash $20,760 of debt securities that it classified as available-for-sale. It received interest of $4,100 during the year on these securities. In addition, it has an unrealized holding gain on these securities of $5,190 net of tax. Determine the following amounts for 2020: (a) net income, (b) comprehensive income, (c) other comprehensive income, and (d) accumulated other comprehensive income (end of 2020).

(a) Net income $enter net income in dollars
(b) Comprehensive income $enter comprehensive income in dollars
(c) Other comprehensive income $enter other comprehensive income in dollars
(d) Accumulated other comprehensive income $enter accumulated other comprehensive income in dollars

Solutions

Expert Solution

Particulars Amount ($)
Net income                                           128,828
Less: Net income attributed to the noncontrolling interest                                              28,800
Net income attributable to Vaughn Company                                           100,028

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

On January 1, 2018, Coronado Corp. had 491,000 shares of common stock outstanding. During 2018, it...
On January 1, 2018, Coronado Corp. had 491,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account. February 1 Issued 114,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 103,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 60,000 shares of treasury stock Determine the weighted-average number of shares outstanding as of December 31, 2018.
On January 1, 2018, Coronado Corp. had 491,000 shares of common stock outstanding. During 2018, it...
On January 1, 2018, Coronado Corp. had 491,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account. February 1 Issued 114,000 shares March 1 Issued a 10% stock dividend May 1 Acquired 103,000 shares of treasury stock June 1 Issued a 3-for-1 stock split October 1 Reissued 60,000 shares of treasury stock a. Determine the weighted-average number of shares outstanding as of December 31, 2018. b. Assume that Coronado Corp. earned...
Coronado Company had the following stockholders’ equity as of January 1, 2017. Common stock, $5 par...
Coronado Company had the following stockholders’ equity as of January 1, 2017. Common stock, $5 par value, 20,300 shares issued $101,500 Paid-in capital in excess of par—common stock 294,000 Retained earnings 318,000 Total stockholders’ equity $713,500 During 2017, the following transactions occurred. Feb. 1 Coronado repurchased 2,020 shares of treasury stock at a price of $19 per share. Mar. 1 800 shares of treasury stock repurchased above were reissued at $17 per share. Mar. 18 500 shares of treasury stock...
Black Co. acquired 100% of Blue, Inc. on January 1, 2020. On that date, Blue had...
Black Co. acquired 100% of Blue, Inc. on January 1, 2020. On that date, Blue had land with a book value of $38,000 and a fair value of $49,000. Also, on the date of acquisition, Blue had a building with a book value of $250,000 and a fair value of $460,000. Blue had equipment with a book value of $340,000 and a fair value of $280,000. The building had a 10-year remaining useful life and the equipment had a 5-year...
On January 1, 2020, Cullumber Corporation had $1,125,000 of common stock outstanding that was issued at...
On January 1, 2020, Cullumber Corporation had $1,125,000 of common stock outstanding that was issued at par. It also had retained earnings of $746,500. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $410,000 for the year. Journalize the declaration of a 16% stock dividend on December 10, 2020, for the following independent assumptions. a. Par value is $10, and market price is $19. b. Par value is $5, and market...
On January 1, 2020, a company had 700,000 shares of common stock outstanding. On March 1,...
On January 1, 2020, a company had 700,000 shares of common stock outstanding. On March 1, it issued a 3-for-1 stock split. On July 1 it Issued 50,000 shares. On September 1 it Issued a 20% stock dividend. Determine the weighted-average number of shares outstanding as of December 31, 2020.
On January 1, 2020, ABC Corporation had 990,000 shares of common stock outstanding. On March 1,...
On January 1, 2020, ABC Corporation had 990,000 shares of common stock outstanding. On March 1, the corporation issued 150,000 new shares to raise additional capital. On May 1, the company issued a 5% stock dividend. On July 1, the corporation declared and issued a 3-for-1 stock split. On October 1, the corporation repurchased on the market 400,000 of its own outstanding shares and retired them. Instructions Compute the weighted average number of shares to be used in computing earnings...
On January 1, 2020, McIlroy, Inc., acquired a 60 percent interest in the common stock of...
On January 1, 2020, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $334,800. Stinson's book value on that date consisted of common stock of $100,000 and retained earnings of $197,900. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $223,200. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $86,200 and an unrecorded customer list (15-year remaining life) assessed at a...
On January 1, 2020, McIlroy, Inc., acquired a 60 percent interest in the common stock of...
On January 1, 2020, McIlroy, Inc., acquired a 60 percent interest in the common stock of Stinson, Inc., for $391,800. Stinson's book value on that date consisted of common stock of $100,000 and retained earnings of $231,600. Also, the acquisition-date fair value of the 40 percent noncontrolling interest was $261,200. The subsidiary held patents (with a 10-year remaining life) that were undervalued within the company's accounting records by $85,600 and an unrecorded customer list (15-year remaining life) assessed at a...
1. On January 1, 2020, Blossom Ltd. had 498,000 common shares outstanding. During 2020, it had...
1. On January 1, 2020, Blossom Ltd. had 498,000 common shares outstanding. During 2020, it had the following transactions that affected the common share account: Feb. 1 Issued 150,000 shares. Mar. 1 Issued a 10% stock dividend. May 1 Acquired 162,000 common shares and retired them. June 1 Issued a 2-for-1 stock split. Oct. 1 Issued 40,000 shares. The company’s year end is December 31.Determine the weighted average number of shares outstanding as at December 31, 2020. (Round answer to...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT