On January 1, 2020, Panther, Inc., issued securities with a total fair value of $577,000 for 100 percent of Stark Corporation’s outstanding ownership shares. Stark has long supplied inventory to Panther. The companies expect to achieve synergies with production scheduling and product development with this combination.

Although Stark’s book value at the acquisition date was $300,000, the fair value of its trademarks was assessed to be $45,000 more than their carrying amounts. Additionally, Stark’s patented technology was undervalued in its accounting records by $232,000. The trademarks were considered to have indefinite lives, and the estimated remaining life of the patented technology was eight years.

In 2020, Stark sold Panther inventory costing $75,000 for $125,000. As of December 31, 2020, Panther had resold 74 percent of this inventory. In 2021, Panther bought from Stark $140,000 of inventory that had an original cost of $70,000. At the end of 2021, Panther held $38,000 (transfer price) of inventory acquired from Stark, all from its 2021 purchases.

During 2021, Panther sold Stark a parcel of land for $88,000 and recorded a gain of $16,000 on the sale. Stark still owes Panther $62,000 (current liability) related to the land sale.

At the end of 2021, Panther and Stark prepared the following statements for consolidation.

1. Show how Panther computed its $39,000 equity in Stark’s earnings balance.

2. Prepare a 2021 consolidated worksheet for Panther and Stark.

Bev and Ken Hair have been married for 3 years. They live at 3567 River Street, Springfield, MO 63126.Ken is a full time student at Southwest Missouri State University and Bev works as an accountant at Cypress Corp. Bevs' W-2 shows Wages and tips other compensations=$50350.18 Federal income tax withheld= $4950.00 Social security wages =$50350.18 social sec. tax withheld = $3121.70 Medicare wages and tips= $50350.18 and Medicare tax withheld= $730.08 Also the Hairs have intrest income of $1000 on City of St. Louis bonds as well as other intrest and dividends shown on the 1099s...1st 1099-DIV 2018 is payers name and address = Green Corp Springfield, MO. Recipient name =Ken Hair (1a Total ordinary dividends = $301.00) (1b Qualified dividends = $301.00) 2nd 1099-INT 2018 is Payers name and address= Boatman's Bank Springfield, MO Recipient name= Ken Hair (1 Interest income= $643.05) Ken is an excellent student at SMSU. He was given a $1750 scholarship by the university to help pay educational expenses.The scholarship funds were used by Ken for tuition and books. Ken also had a part time job at the college. He was paid $2525 on a W-2 for helping out in the Dean's office. There was no income tax withheld on the amount paid to Ken from this job. Last year, Bev was laid off from her former job and was unemployed during Jan. 1099G = (1 Unemployment compensation = $1825.00 from State of Missouri Unemployment) Ken has a 4 year old son , Robert, from a prior marriage.He paid his ex-wife $300 per month in child support. Robert is claimed as a dependent by Ken's ex-wife. During the year, Ken's aunt died. The aunt, in her will, left Ken $15000 in cash. Ken deposited this money in the Boatman's Bank savings account.

tax return problems Fill out a 1040A and other forms that needs to be filled out for taxes

THIS IS THE ONLY THING THEY GAVE US THEY DIDNT SAY WHAT FORMS NEEDED TO BE FILLED OUT. IM GUESSING A 1040A AND QUALIFIED DIVIDENDS TAX WORKSHEET??

2. On January 1, 20X8, Ball Corporation purchased shares of Leftwich Company common Stock.

a. Assume the stock acquired by Ball represents 15% of Leftwich’s voting stock and that Ball has no influence over Leftwich’s business decisions. Use the financial statement effects template (with amounts and accounts) to record the following transactions.

i. Ball purchased 5,000 common shares of Leftwich at $15 cash per share.

ii. Leftwich reported annual net income of $40,000.

iii. Ball received a cash dividend of $1.10 per common share from Leftwich.

iv. Year-end market price of Leftwich common stock is $19.00 per share.

b. Assume that the stock acquired by Ball represents 30% of Leftwich’s voting stock and that Ball accounts for this investment using the equity method because it is able to exert significant influence. Use the financial statement effects template (with amounts and accounts) to record the following transactions.

i. Ball purchased 5,000 common shares of Leftwich at $15 cash per share.

ii. Leftwich reported annual net income of $40,000

iii. Ball received a cash dividend of $1.10 per common share from Leftwich.

iv. Year-end market price of Leftwich common stock is $10.00 per share.

Due Date: 30 October 2020 Question 1 Note: you must use your own words in answering the questions; those parts copied from any source without your inputs/explanation/examples or elaborations will not be given any marks.

I . The Conceptual Framework for Financial Reporting sets and discusses the objective and fundamentals that serve as the basis for developing financial accounting and reporting standards in different countries.

The fundamentals are the underlying concepts of financial accounting that guide the selection of transactions, events, and circumstances to be accounted for; their recognition and measurement; and the means of summarizing and communicating them to interested parties. The objective identifies the purpose of financial reporting. With proper reference and citation, complete the following

Required: (total 60 marks) a Identify and discuss the benefits that can be expected to be derived from the Conceptual Framework.

b What is the most important quality for accounting information as identified in the Conceptual Framework? Explain why it is the most important.

c Assuming that the International Accounting Standards Board (IASB) is considering revising an important accounting standard. Discuss and explain the desired benefit from revising an accounting standard, and some of the possible costs that could result from a revision of an accounting standard and discuss what the IASB will do in order to assess possible benefits and costs of a proposed revision of an accounting standard

d ‘The IASB and the US Financial Accounting Standards Board (FASB) have been working together since 2002 to achieve convergence of IFRSs and US generally accepted accounting principles (GAAP).’ To date, the convergence project is not finished. Explain why the development process of international accounting harmonization is difficult and complex.

II. Accounting information provides useful information about business transactions and events. Those who provide and use financial reports must often select and evaluate accounting alternatives. The Conceptual Framework examines the characteristics of accounting information that make it useful for decision-making. It also points out that various limitations inherent in the measurement and reporting process may necessitate trade-offs or sacrifices among the characteristics of useful information.

Required: (total 40 marks) e.) For each of the following pairs of information characteristics, give an example of a situation (must use your own wordings) in which one of the characteristics may be sacrificed in return for a gain in the other. Explain in details on below with a situation; the proper reference and citation must be provided.

(i) Relevance and faithful representation. (ii) Relevance and consistency. (iii) Comparability and consistency. (iv) Relevance and understandability.

f) Determine the criterion should be used to evaluate trade-offs between information characteristics. (Kieso, 06/2020, pp. 2-34-2-35)

An ounce of gold currently costs 5100 shekels in Tel Aviv and $1,450 in Dollars. The shekel inflation rate is 13%, and the dollar inflation rate is 2.5%. You are considering opening a semiconductor plant in Israel. Setting up manufacturing will cost 25,000,000 shekels today and 25,000,000 shekels 2 years from today. You will receive payments of 40,000,000 shekels one, two and three years from today. Your US dollar cost of equity is 11%. Assume that there is no arbitrage in any markets there are no taxes, and that this project is 100% equity financial.

a. What should the exchange rate between dollars and shekels be today?

b. What should the exchange rate one, two and three year from today? Please us exact formula not the approximate formula.

c. That the NPV of this project to US shareholders who demand payment in US dollar?

Company A has a market value of equity of $2,000 million and 80 million shares outstanding. Company B has a market value of equity of $400 million and 25 million shares outstanding. Company A announces at the beginning of 2019 that is going to acquire Company B.

The projected pre-tax gains in operating income (in millions of $) from the merger are:

The projected pre-tax gains in operating income are expected to grow at 4% after year 2023. The company is using a discount rate of 8% to value the synergies. The marginal corporate tax rate is 35%.

Company A has decided to pay a $300 million premium for Company B. Assume that capital markets are efficient and that there is a 100% probability the deal will be closed.

By how much the price per share of Company A would change at the time of the announcement of the acquisition?

1. Mumbai Ltd. is an Indian company; they are in the process of raising a US dollar loan and are negotiating rates with City Bank. The Company has been offered a fixed rate of 7% p.a with a proviso that should they opt for a floating rate, the interest rate is likely to be linked to the benchmark rate of 60 basis points over the 10 years US T Bill Rate, with interest reification on a three-monthly basis. The expectations of Mumbai Ltd. are that the dollar interest rates will fall, and are inclined to have a flexible mechanism built into their interest rates. On enquiry they find that they could go for swap arrangement with Chennai India Ltd. who have been offered a floating rate of 120 basis points over 10 year US T Bill Rate, as against a fixed rate of 8.20%.

Describe the swap on the assumption that the swap differential is shared between Mumbai Ltd. and Chennai India Ltd. in the proportion of 2: 1.

The answer should be a min of 700 words with complete theory and calculation part