Midterm Exam for Financial Accounting only 8 short problems. Will attach notes if needed.

Answer to Question 1 –
1. 42,000
2. 2,96,800
3. 3,47,200
4. 6,88,800
5. 7,84,000
6. 56,000
Answer to Question 2 –
    Consideration – 7,23,600
Journal entry
     
     
    Receivables
    1,37,500
     
    Inventory
    82,000
     
    Copyrights
    5,11,500
     
    Patented technology
    7,13,000
     
    Goodwill
    2,13,000
     
     To Current liabilities
     
    2,38,000
     To Long-term liabilities
     
    6,57,200
     To Cash
     
    7,23,600
     To Contingent consideration
     
    38,200
    (Being business acquired)
     
     
     
     
     
    Professional Fee-expense
    1,44,000
     
     To Cash
     
    1,44,000
    (Being paid to merchant bankers)
     
     
     
     
     
    Consideration – 8,36,900
Journal entry
     
     
    Receivables
    1,37,500
     
    Inventory
    82000
     
    Copyrights
    511500
     
    Patented technology
    7,13,000
     
    Goodwill
    3,26,300
     
     To Current liabilities
     
    2,38,000
     To Long-term liabilities
     
    6,57,200
     To Cash
     
    8,36,900
     To Contingent consideration
     
    38,200
    (Being business acquired)
     
     
    
     
     
    Professional Fee-expense
    1,44,000
     
     To Cash
     
    1,44,000
    (Being paid to merchant bankers)
     
     
     
     
     
     
     
     
Answer to Question 3 assuming acquired at fair value –
1. $85,000
2. 6,50,000
3. 5,55,000
4. 12,00,000
5....