I need problems 2, 5, 7, and 9 redone and formatted correctly in Excel I think I didn't format the problems correctly. Note I've attached the Excel template I've done just redo and format 2,5,7, and 9. Problem 5 has 3 parts
Problem 2
On January 1, 2018, Jay Corp. acquired 40% of the outstanding common stock of Bob Corporation for $1,300,000. This acquisition gave Jay the ability to exercise significant influence over the investee. The book value of Bob Corporation was $2,430,000. Any excess cost over the underlying book value was assigned to a patent that was undervalued on Bob's balance sheet. This patent has a remaining useful life of ten years. For the year ended December 31, 2018, Bob reported net income of $342,000 and paid cash dividends of $98,000. Prepare in Excel. Required (a) Prepare a schedule to show the balance Jay should report as its Investment in Bob Corporation at December 31, 2018.
Problem 5
INSTRUCTIONS
Format
- ion (hint: many of the line items are the same for each of the 3 methods). Prepare in Excel.
Problem 7
Dave, Pam, and Mike have the following capital balances; $40,000, $50,000 and $30,000 respectively. The partners share profits and losses 20%, 40%, and 40% respectively. Pam retires and is paid $80,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital of the remaining partners? Show work, in Excel, as to how you arrived at partners’ capital balances.
Problem 9
The partners of Felch, Louise, & Jones LLP decided to liquidate on August 1, 2013. The partnership agreement stated the profit and loss ratio was 25%, 45%, and 30%, respectively. The balance sheet, of the partnership, is as follows: