Mark’s Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 Acquired $75,000 by issuing common stock. Received $125,000 cash for providing services to customers. Borrowed $20,000 cash from creditors. Paid expenses amounting to $55,000. Purchased land for $30,000 cash. Transactions for 2019 Beginning account balances for 2019 are: Cash $ 135,000 Land 30,000 Notes payable 20,000 Common stock 75,000 Retained earnings 70,000 Acquired an additional $25,000 from the issue of common stock. Received $135,000 for providing services. Paid $15,000 to creditors to reduce loan. Paid expenses amounting to $70,000. Paid a $12,500 dividend to the stockholders. Determined that the market value of the land is $40,000. b-4. Prepare a statement of cash flows for each year accounting period

Chris acquired a tract of land by way of gift from his parents. His parents purchased the land in 1980 for $100,000, and gifted it to him in 2010 when it had a fair market value of $500,000. In 2012, Chris built a 5 unit apartment building on the land at a cost of $500,000. Accumulated depreciation to date totals $40,000. Chris has an agreement to sell the real estate for an adjusted sales price of $1,500,000. He intends to acquire like-kind replacement property in a section 1031 exchange. The purchase price of this target property will be $2,000,000. Assuming all the statutory requirements of section 1031 are met, please compute realized and recognized gain (if any) on the sale of the relinquished property, and the basis of the newly acquired target property, assuming that he goes forward with the purchase of this target property in a section 1031 like kind exchange.

Cairns owns 75 percent of the voting stock of Hamilton, Inc. The parent’s interest was acquired several years ago on the date that the subsidiary was formed. Consequently, no goodwill or other allocation was recorded in connection with the acquisition. Cairns uses the equity method in its internal records to account for its investment in Hamilton.

On January 1, 2014, Hamilton sold $2,600,000 in 10-year bonds to the public at 105. The bonds had a cash interest rate of 9 percent payable every December 31. Cairns acquired 40 percent of these bonds at 96 percent of face value on January 1, 2016. Both companies utilize the straight-line method of amortization.

Prepare the consolidation worksheet entries to recognize the effects of the intra-entity bonds at each of the following dates.

1. December 31, 2016

2. December 31, 2017

3. December 31, 2018

Set out below is the summarised statement of financial position of Berlin plc at 1 January 2010 K ASSETS Non-Current Assets Property, plant and equipment 250,000 Current Assets 150,000 Total Assets 400,000 EQUITY AND LIABILITIES Capital and Reserves Share Capital - K5 shares 200,000 Retained Earnings 80,000 280,000 Current liabilities 120,000 Total Equity and Liabilities 400,000 On 1/1/2010 Berlin acquired 100% of the shares of Hanover for K100, 000 and gained control. Required Prepare the statement of financial position of Berlin immediately after the acquisition if: (a) Berlin acquired the shares for cash. (b) Berlin issued 10,000 common shares of K5 (market value K10.). 4. Describe the requirement of IFRS 3 in relation to the revaluation of a subsidiary company's assets to fair value at the acquisition date.

Advance Accounting-kindly assist me with the below. Also kindly type out or attach on excel sheet

Pas Corporation acquired 80 % of Sel Corporation's common stock on January 1,2009 for $ 240,000 cash

The stockholders'equity of Sel at this time consisted of $ 150,000 capital stock and $ 50,000 retained earnings

The difference between the price paid by Pas and the underlying equity acquired in Sel was due to a

building overvalued by $10,000 with 20 year useful life, equipment undervalued by $ 20,000 useful life 10 years,

Land undervalued by $ 50,000 and the remainder to unrecorded patent with a 20-year life. Straight line depreciation is used

Required

1) Provide the entries made by Pas on January 1, 2009 and subsequently for the year

     To be done on separate worksheet - investor entries

2) Provide the consolidation entries /elimination entries at December 31, 2009    

  To be done on separate worksheet- elimination entries

The following events pertain to Super Cleaning Company:
1. Acquired $10,000 cash from the issue of common stock.
2. Provided $15,000 of services on account.
3. Provided services for $5,000 cash.
4. Received $2,800 cash in advance for services to be performed in the future.
5. Collected $12,200 cash from the account receivable created in Event 2.
6. Paid $1,900 for cash expenses.
7. Performed $1,400 of the services agreed to in Event 4.
8. Incurred $3,600 of expenses on account.
9. Paid $4,800 cash in advance for one-year contract to rent office space.
10. Paid $2,800 cash on the account payable created in Event 8.
11. Paid a $1,500 cash dividend to the stockholders.
12. Recognized rent expense for nine months’ use of office space acquired in Event 9

On January 1, 2017, Doone Corporation acquired 60 percent of the outstanding voting stock of Rockne Company for $600,000 consideration. At the acquisition date, the fair value of the 40 percent noncontrolling interest was $400,000 and Rockne's assets and liabilities had a collective net fair value of $1,000,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $390,000 in 2018. Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $450,000 in 2017 and $550,000 in 2018. Approximately 35 percent of the inventory purchased during any one year is not used until the following year.

1. What is the noncontrolling interest's share of Rockne's 2018 income?
2. Prepare Doone's 2018 consolidation entries required by the intra-entity inventory transfers.

As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Inc.'s 590,000 shares for $670,000 at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMC’s net assets were equal. During the year, AMC earned net income of $350,000 and distributed cash dividends of 20 cents per share. At year-end, the fair value of the shares is $714,000.

1. Assume no significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Assume significant influence was acquired. Prepare the appropriate journal entries from the purchase through the end of the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Following are several figures reported for Allister and Barone as of December 31, 2018:

Allister acquired 90 percent of Barone in January 2017. In allocating the newly acquired subsidiary's fair value at the acquisition date, Allister noted that Barone had developed a customer list worth $86,000 that was unrecorded on its accounting records and had a 4-year remaining life. Any remaining excess fair value over Barone's book value was attributed to goodwill. During 2018, Barone sells inventory costing $145,000 to Allister for $210,000. Of this amount, 10 percent remains unsold in Allister's warehouse at year-end.

Determine balances for the following items that would appear on Allister's consolidated financial statements for 2018: