Parson Company acquired an 80 percent interest in Syber Company on January 1, 2017. Any portion of Syber's business fair value in excess of its corresponding book value was assigned to trademarks. This intangible asset has subsequently undergone annual amortization based on a 15-year life. Over the past two years, regular intra-entity inventory sales transpired between the two companies. No payment has yet been made on the latest transfer. All dividends are paid in the same period as declared.

The individual financial statements for the two companies as well as consolidated totals for 2018 follow:

Parson Company acquired an 80 percent interest in Syber Company on January 1, 2017. Any portion of Syber's business fair value in excess of its corresponding book value was assigned to trademarks. This intangible asset has subsequently undergone annual amortization based on a 15-year life. Over the past two years, regular intra-entity inventory sales transpired between the two companies. No payment has yet been made on the latest transfer. All dividends are paid in the same period as declared.

The individual financial statements for the two companies as well as consolidated totals for 2018 follow:

i. With a tax rate of 40 percent, what income tax journal entry is recorded if the companies prepare a consolidated tax return?
j. With a tax rate of 40 percent, what income tax journal entry is recorded if these two companies prepare separate tax returns?

(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Parson Company acquired an 80 percent interest in Syber Company on January 1, 2017. Any portion of Syber's business fair value in excess of its corresponding book value was assigned to trademarks. This intangible asset has subsequently undergone annual amortization based on a 15-year life. Over the past two years, regular intra-entity inventory sales transpired between the two companies. No payment has yet been made on the latest transfer. All dividends are paid in the same period as declared.

The individual financial statements for the two companies as well as consolidated totals for 2018 follow:

What method does Parson use to account for its investment in Syber?

What is the balance of the intra-entity inventory gross profit deferred at the end of the current period?

What amount was originally allocated to the trademarks?

What is the amount of the current year intra-entity inventory sales?

Were the intra-entity inventory sales made upstream or downstream?

What is the balance of the intra-entity liability at the end of the current year?

What amount of intra-entity gross profit was deferred from the preceding period and recognized in the current period?

What was the ending Noncontrolling Interest in Syber Company computed?

With a tax rate of 40 percent, what income tax journal entry is recorded if the companies prepare a consolidated tax return?

With a tax rate of 40 percent, what income tax journal entry is recorded if these two companies prepare separate tax returns?

Miller Company acquired an 80 percent interest in Taylor Company on January 1, 2016. Miller paid $896,000 in cash to the owners of Taylor to acquire these shares. In addition, the remaining 20 percent of Taylor shares continued to trade at a total value of $224,000 both before and after Miller’s acquisition.On January 1, 2016, Taylor reported a book value of $626,000 (Common Stock = $313,000; Additional Paid-In Capital = $93,900; Retained Earnings = $219,100). Several of Taylor’s buildings that had a remaining life of 20 years were undervalued by a total of $83,400.During the next three years, Taylor reports income and declares dividends as follows:YearNet IncomeDividends2016$73,100$10,500201794,50015,8002018105,30021,100Determine the appropriate answers for each of the following questions:A.What amount of excess depreciation expense should be recognized in the consolidated financial statements for the initial years following this acquisition?B.If a consolidated balance sheet is prepared as of January 1, 2016, what amount of goodwill should be recognized?C.If a consolidation worksheet is prepared as of January 1, 2016, what Entry S and Entry A should be included?D.On the separate financial records of the parent company, what amount of investment income would be reported for 2016 under each of the following accounting methods?The equity method.The partial equity method.The initial value method.E. On the parent company’s separate financial records, what would be the December 31, 2018, balance for the Investment in Taylor Company account under each of the following accounting methods?The equity method.The partial equity method.The initial value method.F. As of December 31, 2017, Miller’s Buildings account on its separate records has a balance of $844,000 and Taylor has a similar account with a $316,500 balance. What is the consolidated balance for the Buildings account?G. What is the balance of consolidated goodwill as of December 31, 2018?H.Assume that the parent company has been applying the equity method to this investment. On December 31, 2018, the separate financial statements for the two companies present the following information:Miller CompanyTaylor CompanyCommon stock$527,500$313,000Additional paid-in capital295,40093,900Retained earnings, 12/31/18654,100444,600a.What amount of excess depreciation expense should be recognized in the consolidated financial statements for the initial years following this acquisition?b. If a consolidated balance sheet is prepared as of January 1, 2016, what amount of goodwill should be recognized?a.Amount of excess depreciationb.Amount of goodwillIf a consolidation worksheet is prepared as of January 1, 2016, what Entry S and Entry A should be included?d. On the separate financial records of the parent company, what amount of investment income would be reported for 2016 under each of the following accounting methods?e. On the parent company’s separate financial records, what would be the December 31, 2018, balance for the Investment in Taylor Company account under each of the following accounting methods?Show lessd. Investment Incomee. Investment BalanceThe equity methodThe partial equity methodThe initial value methodf. As of December 31, 2017, Miller’s Buildings account on its separate records has a balance of $844,000 and Taylor has a similar account with a $316,500 balance. What is the consolidated balance for the Buildings account?g. What is the balance of consolidated goodwill as of December 31, 2018?f.Consolidated balanceg.Consolidated balanceAssume that the parent company has been applying the equity method to this investment. On December 31, 2018, the separate financial statements for the two companies present the following information:Miller CompanyTaylor Company Common stock$527,500$313,000 Additional paid-in capital295,40093,900 Retained earnings, 12/31/18654,100444,600

What will be the consolidated balance of each of these accounts?Show lessCommon stockAdditional paid-in capitalRetained earnings, 12/31/18

On 1 July 2017, Patience Ltd acquired all the issued shares of Silence Ltd for a cash consideration of $1,000,000. At that date, the financial statements of Silence Ltd showed the following information.
Share capital $650000

General reserve $20000

Retained earnings $ 250000

All the assets and liabilities of Silence Ltd were recorded at amounts equal to their fair values at the acquisition date, except some equipment recorded at $50,000 below its fair value with a related accumulated depreciation of $80,000. Silence Ltd accounted for all its property, plant and equipment in its own books using the cost model. In addition, Patience Ltd identified at acquisition date a contingent liability related to a lawsuit where Silence Ltd was sued by a former supplier and attached a fair value of $40,000 to that liability.

Required:

1. Prepare the acquisition analysis at 1 July 2017.
2. Prepare the consolidation worksheet entries for Patience Ltd’s group at 1 July 2017.

Question 1
Max. marks allocated
Acquisition analysis (Part 1)
5
Consolidation worksheet entries (Part 2)
14
Presentation
1
Total
20

I need the above practical question done asap. What to need to do is mentioned in required field. ..thank you

Company: Facebook

•What are the key challenges for this company now (in 2020)?

•Why do you think they are the key challenges?

•Please make sure you consider the pandemic and the challenges it poses.

LIST AT LEAST 5 KEY CHALLENGES

Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows.

Fixed overhead costs per month are Supervision $3,600, Depreciation $1,000, and Property Taxes $900. The company believes it will normally operate in a range of 8,000–13,700 direct labor hours per month.

Assume that in July 2020, Myers Company incurs the following manufacturing overhead costs.

(a) Prepare a flexible budget performance report, assuming that the company worked 11,800 direct labor hours during the month. (List variable costs before fixed costs.)

(b) Prepare a flexible budget performance report, assuming that the company worked 11,200 direct labor hours during the month. (List variable costs before fixed costs.)

Explain the advantages and disadvantages of both a Supply-side tax cut and a Demand-side tax cut. Why is the former so popular with the GOP? And why is the latter almost unheard of in the 21st century?

John Ross graduated from college 6 years ago with a finance undergraduate degree. Although he is satisfied with his current job, his dream is to become an investment banker. To become an investment banker, he would need to take an MBA degree. He is, thus, looking for colleges. After some time, John has narrowed his choice to Brandeis University, Carlton College, or Northeastern University. Both schools allow and encourage internships. However, the Northeastern University will allow students to work while enrolled in a MBA program.

I will describe below the four alternatives that John Ross can evaluate as of today.

Alternative (1)

He can keep his current job at the management firm D&L. His annual salary at the firm is $65,000 per year and is salary is expected to increase at 3% per year until retirement. He is currently 28 years old and he expects to work for 40 more years. His current job includes a full paid health insurance plan and is current average tax rate is 26%. Ben has a savings account with enough money to cover the entire cost of the MBA program.

Alternative (2)

The MBA program at Brandeis University requires two years of full-time enrollment at the university. The annual tuition is $70,000. Books and other supplies are estimated to cost $3,000 per year. John expects that after graduation from Brandeis University he will receive a job offer of $110,000 per year with a signing bonus of $20,000. The expected salary will increase at 4% per year. Because of the higher salary, the average income tax rate will be 31%.

Alternative (3)

The Carlton College offers a one-year program. The tuition cost is $85,000 to be paid upon matriculation. Books and other supplies for the program are expected to cost $4,500. John thinks that after the Carlton degree he will be able to receive an offer of $92,000 per year with a $18,000 signing bonus. The salary at this job will increase at 3.5% per year. His average tax rate at this level of income will be 29%.

Alternative (4)

Northeastern University offers a two-years program. The annual tuition is $90.000. Northeastern allows students to work while enrolled in the MBA program. After some research, John has found out that he can potentially work for his marketing professor as research assistant. The annual stipend for this position at Northeastern University is $25,000 for the first year and $27,000 for the second year. Books and other supplies are estimated to cost $2,000 per year. John expects that after graduation from Northeastern University he will receive a job offer of $85,000 per year with a signing bonus of $10,000. The expected salary will increase at 2% per year for the first 10 years. The growth rate will be 4% thereafter. The average income tax rate is 30%.

All schools offer a health insurance plan that will cost $3,000 per year. John also estimates that room and board expenses will cost $2,000 more per year at all schools than his current expenses. The appropriate discount rate is 6.3%.

Determine the NPV for each of the four alternatives.

Pacific Jewel Airlines is a​ U.S.-based air freight firm with a wholly owned subsidiary in Hong Kong. The​ subsidiary, Jewel Hong​ Kong, has just completed a​ long-term planning report for the parent company in San​ Francisco,

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​, in which it has estimated the following expected earnings and payout rates for the years

2011dash–2014.

The current Hong Kong corporate tax rate on this category of income is

17.517.5​%.

Hong Kong imposes no withholding taxes on dividends remitted to U.S. investors​ (per the Hong

Konglong dash—United

States bilateral tax​ treaty). The U.S. corporate income tax rate is

3939​%.

The parent company wants to repatriate

8585​%

of net income as dividends annually.a. Calculate the net income available for distribution by the Hong Kong subsidiary for the years

2011dash–2014.

b. What is the expected amount of the dividend to be remitted to the U.S. parent each​ year?

c. After estimating the theoretical U.S. tax liability on the expected dividend​ (what is often termed​ gross-up in the​ U.S.), what is the total dividend after​ tax, including all Hong Kong and U.S.​ taxes, expected each​ year?

d. What is the effective tax rate on this​ foreign-sourced income per​ year?

a. Calculate the net income available for distribution by the Hong Kong subsidiary for the years

2011dash–2014

in the following table. ​ (Round to the nearest​ dollar.)