Global current event summary

Managerial Finance Benchmark Mini Case 2

Managerial Finance Mini Case 1

105.Orleans Corporation purchased 1,000,000 shares of Creole Corporation's common stock, which constitutes 10% of Creole's voting stock on June 30, 2016 for $42 per share. Orleans' intent is to keep these shares beyond the current year. On December 20, 2016, Creole paid a $4,000,000 cash dividend. On December 31, 2016, Creole's stock was trading at $45 per share and their reported 2016 net income was $52 million. Required: A. Record the transaction to record the acquisition of Creole Corporation on June 30, 2016. B. Record the transaction for the dividend received by Orleans on December 20, 2016. C. Record any […]

2) On January 1, 2012, Planet Corporation, a U.S. company, acquired 100% of Star Corporation of Bulgaria, paying an excess of 90,000 Bulgarian lev over the book value of Star's net assets. The excess was allocated to undervalued equipment with a three-year remaining useful life. Star's functional currency is the Bulgarian lev. Star's books are maintained in the functional currency. Exchange rates for Bulgarian lev for 2012 are: January 1, 2012$.77 Average rate for 2012.75 December 31, 2012.73 Required: 1. Determine the depreciation expense stated in U.S. dollars on the excess allocated to equipment for 2012. 2. Determine the unamortized […]