Exercise 240 On January 1, 2020, the Oriole Company had $2,990,000 of $10 par value common stock outstanding that was issued at par and Retained Earnings of $1,150,000. The company issued 146,000 shares of common stock at $16 per share on July 1. On December 15, the board of directors declared a 10% stock dividend to stockholders of record on December 31, 2020, payable on January 15, 2021. The market value of Oriole Company stock was $17 per share on December 15 and $17 per share on December 31. Net income for 2020 was $580,000. Journalize the issuance of stock on July 1 and the declaration of the stock dividend on December 15. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Prepare the stockholders' equity section of the balance sheet for Oriole Company at December 31, 2020. ORIOLE COMPANY Balance Sheet (Partial) December 31, 2020 select an opening section name select an opening section name select an opening section name select an opening section name $enter a dollar amount select an opening section name enter a dollar amount select an opening section name enter a subtotal of the two previous amounts select an opening section name enter a dollar amount select an opening section name enter a total amount for this subsection select an opening section name enter a dollar amount select an opening section name $enter a total amount for this section Need this part please. Prepare the stockholders' equity section of the balance sheet for Oriole Company at December 31, 2020.

Explain why the tax cut that was passed in 2017 is set to expire in 2016.

Consolidated Balance Sheet Working Paper, Bargain PurchaseOn January 1, 2016, Paxon Corporation acquired all of the outstanding common stock of Saxon Company for $1.8 billion cash. Paxon uses the complete equity method to report its investment. The trial balances of Paxon and Saxon at December 31, 2016, are shown below:

Several of Saxon's assets and liabilities had fair values different from their book values at the acquisition date, as follows:

Required

(a) Prepare a schedule to compute equity in net income of Saxon for 2016, and the December 31, 2016, balance for Investment in Saxon, as reported on Paxon's books.

Enter all answers in millions. Round all answers to the nearest million, when appropriate.

Use negative signs with answers that reduce equity in net income.

Calculation of investment balance for December 31, 2016 (in millions).

1. Calculate gain on acquisition

When appropriate, use negative signs with your excess of fair value over book value answers (left column only). Do not use negative signs with your answers in the right column.

2. Prepare the journal entry made by Paxon to record the acquisition (in millions).

Use negative signs with answers that reduce the investment balance.

(b) Use a working paper to consolidate the trial balances of Paxon and Saxon at December 31, 2016.

Remember to use negative signs with your credit balance answers in the Consolidated Balances column.

(c) Prepare the consolidated balance sheet at December 31, 2016, and the consolidated income statement for 2016.

For all your answers below, do not use negative signs.

The following is a chart of 25 baseball players' salaries and statistics from 2019.

In order to have correlation with 95% confidence (5% significance), what is the critical r-value that we would like to have?  

(Round to three decimal places for all answers on this assignment.)

RBI vs. Salary

Complete a correlation analysis, using RBI's as the x-value and salary as the y-value.

Correlation coefficient:

Regression Equation: y=y=   

Do you have significant correlation? ? Yes No

HR vs. Salary

Complete a correlation analysis, using HR's as the x-value and salary as the y-value.

Correlation coefficient:

Regression Equation: y=y=     

Do you have significant correlation? ? Yes No   

AVG vs. Salary

Complete a correlation analysis, using AVG as the x-value and salary as the y-value.

Correlation coefficient:  

Regression Equation: y=y=     

Do you have significant correlation? ? Yes No

Prediction

Based on your analysis, if you had to predict a player's salary, which method would be the best? Select an answer Regression equation with RBI's Regression equation with HR's Regression equation with AVG The average of the 25 salaries

Using that method, predict the salary for Brandon Lowe. His stats were:

RBI: 51

HR: 17

AVG: 0.270

Based on your analysis, his predicted salary would be: $ million

His actual salary was $1.000 million.

When glucose is transported into liver cells, it is modified.

A. Name the type of modification to glucose. ________________________________________________________________________

B. In which part of liver cell does this modification occur? ________________________________________________________________________

C. Name the enzyme in liver cells responsible for this modification. ________________________________________________________________________

D. Name the enzyme in brain and muscle cells with the same activity. ________________________________________________________________________

E. What is the significance of this type of modification? ______________________________________________________

Eureka Company issued $290,000 in bonds payable on January 1, 2016. The bonds were issued at face value and carried 4-year term to maturity. They had a 5% stated rate of interest that was payable in cash on January 1st of each year beginning January 1, 2017. Based on this information, the amount of total liabilities appearing on the December 31, 2016 balance sheet would be:

$290,000. $288,550. $304,500. $14,500.

According to the Federal Election Commission, 53.6% of all registered voters in 2012 voted in the US presidential elections in 2012. A political study conducted in January 2016 surveyed 1,251 eligible voters and found that 86% said they planned to vote in the 2016 presidential election. Based on this information, match each term to its value.

1. 1,251 2. 53.6% 3. 86%

a. statistic b. sample size c. parameter

Viking Inc. owned all of Quest Co. The subsidiary had bonds payable outstanding on January 1, 2016, with a book value of $265K. The parent acquired the bonds on that date for $288K. Subsequently, Viking reported interest income of $25K in 2016 while Quest reported interest expense of $29K. Consolidated financial statements were prepared for 2017. What adjustment would be required for the retained earnings balance as of January 1, 2017?

      The profits of a firm for the last five years were as follows.

1. Calculate the value of goodwill on the basis of four years’ purchase of weighted average profits based on weights 1,2,3,4 and 5 respectively to the profits for 2015, 2016, 2017, 2018 and 2019.                                                                         (3 marks)

2. Write any six need for valuation of goodwill                  (2 marks)