On January 1, 20X3, Pope Company Acquired 100% of the Common

question 17

Essay

On January 1, 20X3, Pope Company acquired 100% of the common stock of Siegel Company for $300,000. On this date Siegel had total owners' equity of $250,000. Any excess of cost over book value is attributable to goodwill. Pope accounts for its investment in Siegel using the simple equity method.
On July 1, 20X3, Siegel Company sold to outside investors $300,000 par value of 10-year, 10% bonds. The price received was equal to par. The bonds pay interest semi-annually on July 1 and January 1.
During early 20X4, market interest rates on bonds similar to those issued by Siegel decreased to 8%. As a result, the market value of the bonds increased. On July 1, 20X4, Pope purchased $150,000 par value of Siegel's bonds, paying $163,000. Pope still holds the bonds on December 31, 20X4 and has amortized the premium, using the straight-line method.
Required:
Complete the Figure 5-1 worksheet for consolidated financial statements for the year ended December 31, 20X4. Round all computations to the nearest dollar.

Debate the potential effects of land distribution to former slaves on the outcome of Reconstruction.

Assess the economic impact of the 1873 depression on the South and its implications for Reconstruction efforts.

Identify the objectives and methods of the Redeemers and evaluate the federal government's response to their challenge to Radical Reconstruction.

Evaluate the successes and failures of Reconstruction, taking into account various political, social, and economic factors.

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