Advanced Accounting 1A Quiz 3 Name:

Seat no
Saw Corp. has 100 000 outstanding common stocks par $10. Currently Saw stock 's fair MV is
$35. On Jan. 3, 2016 Pat Corp. bought 12% of Saw outstanding shares. At the end of 2016 Saw
reported $1250 000 income and paid dividend $2.5/share. On April, 30 2017 Pat bought 16000
shares of Saw common stock at $ 30. Saw reported 2017 income of $1100 000 and paid
dividend $2/share. Another 72000 Saw's shares were bought by Pat on Jan. 3 2018 at $20/share
12 12% 35 1250000 2.5 100000
8 16% 30 1100000 2
12 72% 20

Prepare the journal entries for Pat Investment in Saw on:

Jan.3, 2016 Calculate Pat Investment in Saw and controlling
Investment in Saw $420,000 interest on : Investment C'trol interest
Cash $420,000 Dec. 31, 2016 $420,000 12%
Dec.31, 2016 April.30, 2017 $870,000 28%
Cash $30,000 Dec. 31, 2017 $1,063,333 28%
Dividend Income $30,000 Jan. 3, 2018 $2,503,333 100%
Apr. 30, 2017
Investment in Saw $480,000 On January 2018, Saw financial position is as follows:
Cash $480,000 BV MV
Dividend Income $30,000 Assets $7,200,000 $8,640,000
Investment in Saw $30,000 Liabilities $2,300,000 $2,300,000

Dec. 31, 2017 Prepare journal entries to recognized Saw Assets

Investment in Saw $249,333 and Liabilities on Pat Corp. , if On January 2018,
Income from Saw $249,333 Saw financial position is as follows:
BV MV
Cash $56,000 Cash 1000000 1000000
Investment in Saw $56,000 Account Receivable 800000 876800
Inventory 200000 306000
Jan.3 2018 Other Current Assets 1500000 1836000
Investment in Saw $1,440,000 Land 1200000 2244000
Cash $1,440,000 Buildings (net) 1800000 2040000
Equipment (net) 700000 510000
Assets $8,640,000 Account Payable 1000000 1020000
Liabilities $2,300,000 Loan Payable 1300000 1326000
Investment in Saw $2,503,333 Capital Stock par $10 4000000
Bargain purchase Gain $3,836,667 Paid in Capital 400000
Retained Earnings 500000
Pat Corp financial position on Jan. 3 2018 after the purchase of Saw 72000 stocks
Pat-BV Adjustment Consolidated BS
Assets
Cash $1,200,000
Account Receivable $400,000
Inventory $200,000
Other Current Assets $36,667
Investment in Saw $2,503,333
Land $1,800,000
Buildings (net) $2,156,000
Equipment (net) $204,000
Total Assets $8,500,000
Liabilities
Account Payable $100,000
Loan Payable $1,500,000
Owners'Equity
Capital Stock par $10 $5,000,000
Paid in Capital $1,000,000
Retained Earnings $900,000
Total Liabilities & Equity $8,500,000

Complete the worksheet for Pat Corp. and the Subsidiary Saw Corp.
Advanced Accounting 1B Quiz 3 Name:
Seat no
Saw Corp. has 100 000 outstanding common stocks par $10. Currently Saw stock 's fair MV is
$45. On Jan. 3, 2016 Pat Corp. bought 8% of Saw outstanding shares. At the end of 2016 Saw
reported $1200 000 income and paid dividend $2/share. On Aug. 3 2017 Pat bought 22000
shares of Saw common stock at $ 35. Saw reported 2017 income of $800 000 and paid
dividend $2/share. Another 70000 Saw's shares were bought by Pat on Jan. 3 2018 at $20/share
12 8% 45 1200000 2 100000
5 22% 35 800000 2
12 70% 20 0.091666667

Prepare the journal entries for Pat Investment in Saw on:

Jan.3, 2016 Calculate Pat Investment in Saw and controlling
invesment in saw 360000 interest on : Investment
Cash 360000 jan 3 2016 360000
Dec.31, 2016 April.30, 2017 1114000
Cash 16000 Dec. 31, 2017 1191333
Dividend Income 16000 Jan. 3, 2018 2591333
Apr. 30, 2017
invesment in saw 770000 On January 2018, Saw financial position is as follows:
Cash 770000 BV
Dividend Income 16000 Assets $7,200,000
invesment in saw 16000 Liabilities $2,300,000

Dec. 31, 2017 Prepare journal entries to recognized Saw Assets

invesment in saw $137,333 and Liabilities on Pat Corp. , if On January 2018,
Income from Saw $137,333 Saw financial position is as follows:
BV
Cash $60,000 Cash 1000000
invesment in saw $60,000 Account Receivable 800000
Inventory 200000
Jan.3 2018 Other Current Assets 1500000
invesment in saw $1,400,000 Land 1200000
Cash $1,400,000 Buildings (net) 1800000
Equipment (net) 700000
Assets $8,640,000 Account Payable 1000000
Liabilities $2,300,000 Loan Payable 1300000
invesment in saw $2,591,333 Capital Stock par $10 4000000
Bargain purchase Gain $3,748,667 Paid in Capital 400000
Retained Earnings 500000
 Pat Corp financial position on Jan. 3 2018 after the purchase of Saw 70000 stocks
Pat-BV Adjustment
Assets
Cash $782,000
Account Receivable $400,000
Inventory $200,000
Other Current Assets $360,000
Investment in Saw $2,591,333
17% Land $1,800,000
Buildings (net) $2,200,000
Equipment (net) $204,000
aw and controlling
C'trol interest Total Assets $8,537,333
8% Liabilities
30% Account Payable $100,000
30% Loan Payable $1,500,000
100% Owners'Equity
Capital Stock par $10 $5,000,000
position is as follows: Paid in Capital $1,000,000
MV Retained Earnings $988,833
$8,640,000 Total Liabilities & Equity $8,588,833
$2,300,000
Complete the worksheet for Pat Corp. and the Subsidiary Saw Corp.
cognized Saw Assets
if On January 2018,

MV
1200000
960000
240000
1800000
1440000
2160000
840000
1000000
1326000
se of Saw 70000 stocks
Consolidated BS
Advanced Accounting 1C Quiz 3 Name:
Seat no
Saw Corp. has 50 000 outstanding common stocks par $10. Currently Saw stock 's fair MV is
$40. On Jan. 3, 2016 Pat Corp. bought 11% of Saw outstanding shares. At the end of 2016 Saw
reported $1000 000 income and paid dividend $2/share. On Sept.2 2017 Pat bought 7000
shares of Saw common stock at $ 25. Saw reported 2017 income of $500 000 and paid
dividend $1/share. Another 37500 Saw's shares were bought by Pat on Jan. 3 2018 at $20/share
12 11% 40 2 50,000
4 14% 25 500,000 1 1,000,000
12 75% 20 500,000

Prepare the journal entries for Pat Investment in Saw on:

Jan.3, 2016 Calculate Pat Investment in Saw and controlling
Investment in Saw 220000 interest on : Investment
Cash 220000 Jan-03 220000
Dec.31, 2016 sept 2, 2017 384000
Cash 11000 Dec. 31, 2017 449833
Dividend Income 11000 Jan. 3, 2018 1199833
Sep-02
Investment in Saw 175000 On January 2018, Saw financial position is as follows:
Cash 175000 BV
Dividend Income 11000 Assets $7,200,000
Investment in Saw 11000 Liabilities $2,300,000
$4,900,000
Dec. 31, 2017 Prepare journal entries to recognized Saw Assets
Investment in Saw $78,333 and Liabilities on Pat Corp. , if On January 2018,
Income from Saw $78,333 Saw financial position is as follows:
BV
Cash $12,500 Cash 1000000
Investment in Saw $12,500 Account Receivable 800000
Inventory 200000
Jan.3 2018 Other Current Assets 1500000
Investment in Saw $750,000 Land 1200000
Cash $750,000 Buildings (net) 1800000
Equipment (net) 700000
Assets $8,640,000 Account Payable 1000000
Liabilities $2,300,000 Loan Payable 1300000
Investment in Saw $1,199,833 Capital Stock par $10 4000000
Bargain purchase Gain $5,140,167 Paid in Capital 400000
Retained Earnings 500000
Net asset 4900000
 Pat Corp financial position on Jan. 3 2018 after the purchase of Saw 37500 stocks
Pat-BV saw-bv Adjustment
Assets
Cash $782,000 $1,000,000
Account Receivable $400,000 $800,000
Inventory $200,000 $200,000
4.67% Other Current Assets $360,000 $1,500,000
15.67% Investment in Saw $1,199,833 $1,199,833
Land $1,800,000 $1,200,000
Buildings (net) $2,200,000 $1,800,000
Equipment (net) $204,000 $700,000
Saw and controlling
C'trol interest Total Assets $7,145,833 $8,399,833
11% Liabilities
25% Account Payable $100,000 $1,000,000
25% Loan Payable $109,167 $1,300,000
100% Owners'Equity
Capital Stock par $10 $5,000,000 $4,000,000
osition is as follows: Paid in Capital $1,000,000 $400,000
MV Retained Earnings $1,030,666 $500,000
$8,640,000 asumsi Total Liabilities & Equity $7,239,833 $7,200,000
$2,300,000
$6,340,000 Complete the worksheet for Pat Corp. and the Subsidiary Saw Corp.
ognized Saw Assets
On January 2018, $1,199,833

MV
1200000
960000
240000
1800000
1440000
2160000
840000
1000000
1300000

6340000
Consolidated BS