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| | ' FACULTY OF ECONOMICS AND BUSINESS UNIVERSITAS PADJADJARAN SUBJECT DATE LECTURER : TEAM TIME 2120 MINUTES EXAM TYPE : CLOSE BOOK PLEASE RETURN ALL THE QUESTIONS PAPER 1. Multiple Choice An excess of the fair value of net assets acquired in business combination over the price paid is: ‘Applied to a reduction of non cash assets before negative goodwill may be reported Applied to reduce non current assets other than marketable securities to zero before negative goodwill may be reported c. Reported as a gain from a bargain purchase sai gain pi d. Reported as a good will 2. The underlying equity of an investment at acquisition: ‘a. Is recorded in the investment account under the equity method b. Minus the cost of the investment is assignet to good will cI equal to the fair value of the investee’s net assets times the percentage acquired sequal o the book value of the investee’s net assets times the percentage acquired a n non-controling interest share that appears in the consolidated income statement is computed as follows liary’’: izatic the ve i ‘ials is a. The subsidian’s income les oan of the fait/book value differentials is multiplied by the non-controling interes b._ Subsidiary net income i subtracted from consoiated nt income : i ined for consolidated statement ‘ controlling intet plied by the non-controlling int olidated net income is multip 8 interest percer a or oration, a 90% owned subsidiary of Brush Coporation, buys hall Coleen 4. Vitor ronan price is exactly the same Prive a8 Victor pays to buy identi Iw material from, Brush. The rane grcand the sare pice Brush sls the material to ental rw materia idated statements for Brush Corporation and the subsidiary customers, In, i: fit on intercompany transacti % Ponty 90% of AY unrealized prof tion in Vistors ending inventory js eliminated les remaning i is elimin’ zed profit from intercompany saa 8 in Brush’s endin ro ated proftin Br’ PSEINinginveyagy "EMO ny ete amercompany HANSITON in Victory angi, * ing inventory ;. ny is its entity / ' | 4. The intere, : Teompany transaction can be ignored because the transfer price represents arm’s- length barganing Mega Industries own 10% interest). The ret Corporation. On M, considered: 3,500,000 shares of Bakrie Corporation’s out standing common stock (a maining 1,500,000 outstanding common shares of Bakrie are held by Trans lega_ Industries’ consolidated financial statement, Trans Corporation is An investee b. An associated company ©. An affilited company 4. A non-controlling interest Parent-company and consolidated financial statement amounts would not be same for a. Capital stock b. Retained eamings ©. Investments in unconsolidated subsidiaries 4d. Investments in consolidated subsidiaries Garuda Corporation owns a 40% interest in Rajawali Product acquired several years ago at book value. Rajawali Product’s income statement contains the following information (in thousands): Income before extraordinary item $200 Extraordinary loss 50 Net income $150 Garuda should report income from Rajawali Products in its income continuing operations at: $20,000 ‘$60,000 $80,000 $100,000 On January 1, Carrefour purchase 10% of Indofood Company’s common stock. Carrefour purchase additional shares, bringing its ownership up to 40% of Indofood’s common stock outstanding, on August |. During October, Indofood declared and paid a cash dividend on all its outstanding common stock. How much income from the Indofood investment should Carrefour’s income statement report? a. 40 % of Indofood’s income for August | to December 31 only b. 40% of Indofood’s ©. 10% of indofood’s income for January 1, plus 40% of Indofood’s income for August 1 to December 31 4. Amount equal to dividends received from Indofood aoge Information for no. 9 and 10 i hich merchandise is transferred ‘Corporation has two branches to wi 3 Yicoaptsoons ft. eree On November 30,2013, Marine shipped merchandise that cost $5 500 to its _ Ranch branch, and $200 shipping charges were paid by Marine. On December 15, 2013 the Dust branch encountered an inventory shortage; ane the f anch branch shipped the merchenaie Dust branch at a freigth cost of sieo paid by Ranch ban, Shipping charges from he howe Id have been office to Dust branch woul e an branch $5,500 shipment tothe Ranch branch, together with th Marine al cyt nls te allowing pean : ffince, $6. pments from home offinee, b a oe to Ranch branch, 35,700 am eat fit inventory, $1 alized profit-branch invent 4 ion in Ranch branch, $5,700 10. If the merchandise is unsold at year-end. the Dust branch will inventory the merchandise at $6,000 © 6.760 b. $6975 45.875 IL. Essay : Tupperware Corporation is located in Orlando, US, and its branch is located in Surabaya Indonesia. Transaction and events affecting the Surabaya branch during 2013 are summarized as follows a b. ©. 4. © f. 8. Received shipments from the home office, billed at $15,000 home office cost Purchased merchandise from Lion Star Wholesalers, $6.000 Sold merchandise to customers on account in the amount of $30,000 Paid operating expense, $4,500 Returned 20% of the merchandise received in item “a” to home office. Paid 3,000 for advertising, 50% of which is home office expense Received a debit memo from the home office for thr folloeing expense allocated by the home office to the branch: depreciation expense, $750; other operating expense, $300. Remitted $7,500 to home office. Collected $21,000 on account receivable. J. Collected a note for the home office in the amount of $4,500 plus $300 interest, k. Receive notice that the home office had collected $1,500 from a branch customer (assume that it was a customer included in item “c”) 1. Close nominal account to the revenue and expense summary account. Branch beginning and ending inventories were $2,850 and 3,000, respectively. m. Closed the balance of the revenue and expense summary account, Instruction: Prepare journal entries to reflect the transaction and events in the accounts of the branch and the home office. Danone Corporation paid $10,000,000 for Aqua Corporation's voting common stock on January 2, 2013, and Aqua was dissolved. The purchase price consisted of 200,000 shares of Danone’s common stock with market value of $8,000,000, plus 2,000,000 cash. In addition, Danone paid $100,000 for registering and issuing the 200,000 shares of common stock and 200,000 for other cost of combination. Balance sheet information for the companies immediately before the businness combination is summarized as follows (in thousands) Danone a ea Aqua Book Value Fair Value Cash 12,000 $960 ¢ ‘Account Receivable - net 5,200 1440 ; 960 Notes Receivable ~ net 6,000 1.200 6440 Inventories 10,000 1680 1,200 Other current assets 2.800 720 2,000 id 7 400 300 pulling net 36.000 ait zo Equipment ~ net 40,000 3200 4.800 Total Assets 3120,000 $12,000 2.400 $4,000 14.400 Account Payable 4 20°00 $1,200 ortgage Pye 420,000 2.800 $ 1.200 Capital Stock, 4,000 2.400 Other pain in capital 32,000 2,400 Retained earnings 24,000 11.600 Total equities $120,000 $12,000 Instruction: a. Prepare journal entries for Danone’s Corporation to record its aquisition of Aqua Corporation, including all allocation to individual asset and liability accounts. b. Prepare a balance sheet for Danone’s Corporation on Januari 2, 2013, immediately after the acquisition and dissolution of Aqua. Merah Putih Corporation purchased a 10% interest in Garuda Company on January 2, 2010, for $20,000 and additional 20% interest for $50,000 on July, 2012. The Fair Value of Merah Putih’s 10% interest in Garuda was worth $22,000 on December, 2010, $25,000 on December 2011, and $21,000 on December 2012. The Garuda stock was consistently classified as an available-for- sale security. Garuda had total stockholders’ equity of $150,000 when the 10% interest was acquired and $235,000 when 20% interest was acquired. Any difference between investment cost and book value acquired is to be assigned to equipment and amortized over 10 year period. Garuda reported net income and paid dividends for the years 2010 through 2013 as follows: 2010 2011 2012 2013 ‘Net income for the year $50,000 $60,000 $70,000 $90,000 Dividens paid in November 30,000 30,000 30,000 40,000 Instruction : a. Determine Mersh Putih’s income from Garuda for 2013 . Determine prior adjustment for 2013 relating to this investment and prepare any necessary journal entries to up date the investement account atthe point of the purchase of additional shares. Calculate the balance Merah Putih’s investment in Garuda account at December 31 for its 30% interest. + 2013 (On January 2, 2014, Garuda increase its outstanding shares from 10,000 to 12,000 ‘ iy oak 2,000 shares to Merah Putih for $70,000, What adjustment should M 000 by setting investment in Garuda account on this date? ferah Putih make in its

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