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Solutions For Advanced Accounting, 5th Edition Hamlen (All Chapters included)

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Complete Solutions Manual for Advanced Accounting, 5th Edition by Susan S. Hamlen, Huefner and Largay, 9781618534248. Full chapters included Chapter 1 to 16. Chapter 1: Intercorporate Investments: An Overview. Chapter 2: Mergers and Acquisitions. Chapter 3: Consolidated Financial Statements: Date o...

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Advanced Accounting,
5th Edition
by Susan S. Hamlen

Complete Chapter Solutions Manual are
included (Ch 1 to 16)

K
EE
** Immediate Download
** Swift Response ✅
G
** All Chapters included
ED
M

, CHAPTER 1

SOLUTIONS TO MULTIPLE CHOICE QUESTIONS, EXERCISES AND PROBLEMS

MULTIPLE CHOICE QUESTIONS

1. c

$180,000 - $160,000 = $20,000
$125,000 - $100,000 = 25,000
Total gain $45,000

2. a

K
$29,000 – $26,000 = $3,000

3.

4.
a

EE
$207,544 – [(6% x $200,000) – (4% x $207,544)] = $203,846

d
G
Reclassification of unrealized loss on AFS securities sold $1,000 credit
Unrealized gain on AFS securities held at year-end 6,000 credit (1)
ED

Total amount reported in OCI $7,000 credit

(1) $81,000 – ($100,000 – $25,000) = $6,000 unrealized gain

5. d
M

$5,000,000 + [40% x ($600,000 – $200,000)] = $5,160,000

6. b

1

,7. b

Reported net income; 35% x $7,000,000 = $ 2,450,000
Less unconfirmed profit on ending inventory
35% x [$6,000,000 – ($6,000,000/1.25)] = (420,000)
Equity in net income $ 2,030,000
Less dividends; 35% x $2,000,000 (700,000)
Plus beginning investment balance 50,000,000
Ending investment balance $51,330,000

8. d

Fizzy’s entry to record the acquisition is:

K
Current assets 25,000
Property 2,500,000

9. b
Goodwill
Liabilities
Cash EE 25,475,000
3,000,000
25,000,000
G
10. a
ED

11. b

The entry to record the sale is:

Cash 410,000
Loss on sale of AFS securities 15,000
M

Investment in AFS securities 400,000
Other comprehensive income 25,000
The reclassification of the loss increases OCI, and the loss reported in income is the
difference between the original cost ($400,000 + $25,000) and sales proceeds ($410,000).

12. b

$285,000 - $300,000 = $15,000 loss

2

, 13. d

Investment balance at the beginning of 2023 is $203,883 (=$205,768 – ($6,000 – (2% x
$205,768)); 2% x $203,883 = $4,078

14. c

Investment balance at the end of 2022 is $203,827 (=$205,657 – ($8,000 – (3% x
$205,657)); $190,000 - $203,827 = $13,827 loss

15. c

$510,000 - $500,000 = $10,000; unrealized gains are reported in income.

16. b

K
The basis difference is $180,000 (=$3,000,000 – (30% x $9,400,000))
(30% x $100,000) – $180,000/10 = $12,000

17. d

($2,400,000 - $2,000,000) x 40% =
($150,000 - $200,000) x 40% =
EE
Investment balance, beginning of 2020 $10,000,000
160,000
(20,000)
G
($60,000 + $10,000 - $25,000) x 40% = 18,000
Investment balance, end of 2025 $10,158,000

18. b
ED

$10,000,000 – ($400,000 + $5,000,000 - $6,000,000) = $10,600,000

19. c

$25,000,000 – ($500,000 + $8,000,000 + $1,000,000 - $6,000,000) = $21,500,000
M

20. c

3

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