ACC 304 help A Guide to career/Snaptutorial ACC 304 help A Guide to career/Snaptutorial | Page 6

22) Jenks Corporation acquired Linebrink Products on January 1,
2015 for $8,000,000, and recorded goodwill of $1,500,000 as a result
of that purchase. At December 31, 2015, Linebrink Products had a
fair value of $6,800,000. The net identifiable assets of the Linebrink
(excluding goodwill) had a fair value of $5,800,000 at that time. What
amount of loss on impairment of goodwill should Jenks record in
2015?
23) On December 31, 2014, the stockholders' equity section of Arndt,
Inc., was as follows:
Common stock, par value $10; authorized 30,000 shares;
issued and outstanding 9,000 shares $90,000
Additional paid-in capital
116,000
Retained earnings
184,000
Total stockholders' equity
$390,000
On March 31, 2015, Arndt declared a 10% stock dividend, and
accordingly 900 additional shares were issued, when the fair value of
the stock was $18 per share. For the three months ended March 31,
2015, Arndt sustained a net loss of $32,000. The balance of Arndt’s
retained earnings as of March 31, 2015, should be
24) On September 1, 2014, Halley Co. issued a note payable to
Fidelity Bank in the amount of $1,800,000, bearing interest at 10%,
and payable in three equal annual principal payments of $600,000.
On this date, the bank's prime rate was 11%. The first payment for
interest and principal was made on September 1, 2015. At December
31, 2015, Halley should record accrued interest payable of
ACC 304 Final Exam Part 1 (3 Sets) 2
1) We have also attached download of Chapter 12, 13, 14, 15, 16
(download it from my account section)