Advanced Accounting, 8th Edition, 2001 by Dennis M. Bline, Mary L. Fischer, Ted D. Skekel
By Dennis M. Bline, Mary L. Fischer, Ted D. Skekel
Complicated Accounting, 8e bargains the main authoritative, conceptually robust, and entire assurance of complicated accounting themes of any textual content out there. thoroughly up-to-date to mirror all the most modern FASB pronouncements, it really is a superb guidance source for the CPA examination. complicated Accounting additionally offers scholars with the instruments they should pursue specialist careers in an international economic climate. this can be the single textual content out there to make use of the horizontal method of consolidations worksheets, the layout most ordinarily utilized in the company international.
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Example text
7 . . . . . . . . . . $ 35,000 50,000 Deferred tax liability applicable to goodwill (30% ϫ $50,000) . . . . . . . . . $ (15,000) The journal entry to record the purchase is as follows: Inventory . . . . . . . . . . . . . . . . . . Land . . . . . . . . . . . . . . . . . . . . Building . . . . . . . . . . . . . . . . . . . Deferred Tax Asset (on NOL) . . . . . . . . . . . . Goodwill . . . .
50,000 100,000 300,000 60,000 50,000 80,000 45,000 85,000 340,000 10,000 560,000 560,000 Procedures get complicated if the tax-free exchange occurs at a bargain price. If the total value given had been only $350,000 (6,800 shares issued plus $10,000 direct acquisition costs), the zone analysis above would make only $320,000 ($350,000 total Ϫ $30,000 for priority accounts) available for the land and the building. The $320,000 would be the total amount available, net of the tax adjustment. In this case, the $200,000 book value of the building can be recorded in full.
435,000 400,000 Excess remaining for goodwill, net of tax . . . . . . . . . . . . . . . . 7 . . . . . . . . . . $ 35,000 50,000 Deferred tax liability applicable to goodwill (30% ϫ $50,000) . . . . . . . . . $ (15,000) The journal entry to record the purchase is as follows: Inventory . . . . . . . . . . . . . . . . . . Land . . . . . . . . . . . . . . . . . . . . Building . . . . . . . . . . . . . .