Northwest Paperboard Company bought 40% of the outstanding common shares of Vancouver Timber and Milling, Inc., on January 2, 2011, for $440 million. At the date of purchase, the book value of Vancouver's net assets was $858 million. The book values and fair values for all balance sheet items were the same except for inventory and plant facilities. The fair value exceeded book value by $8 million for the inventory and by $56 million for the plant facilities. The estimated useful life of the plant facilities is 16 years. All inventory acquired was sold during 2011. Vancouver reported net income of $145 million for the year ended December 31, 2011. Vancouver paid a cash dividend of $34 million. [Questions are in word document],Many of the responses are coming up incorrect, I've attached a document detailing which ones need to be corrected. Please let me know when you have completed.,(1) is correct now, but for (2), (3), and (4) the answers are still coming up incorrect.,I'm sorry, the numbers were correct but I ended up finding the correct journal entry labels myself. I've attached the file with the correct journal entries for #1. Let me know if this makes a difference in the calculations.
Paper#7754 | Written in 18-Jul-2015Price : $25