Julip Corporation purchased a 25% interest in Krov Corporation on January 2, 2020, for $1,000. At that time, the carryin

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Julip Corporation Purchased A 25 Interest In Krov Corporation On January 2 2020 For 1 000 At That Time The Carryin 1 (67.85 KiB) Viewed 53 times

Julip Corporation Purchased A 25 Interest In Krov Corporation On January 2 2020 For 1 000 At That Time The Carryin 2 (37.3 KiB) Viewed 53 times

Julip Corporation purchased a 25% interest in Krov Corporation on January 2, 2020, for $1,000. At that time, the carrying amount of Krov's net assets was $3,600. Any excess of the cost of the investment over Julip's share of Krov's carrying amount can be attributed to unrecorded intangibles with a useful life of 20 years. Krov declared and paid a dividend of $12 and reported net income of $60 for its year ended December 31, 2020. Assume that Julip Corporation is a private enterprise that applies ASPE. Prepare Julip's 2020 entries to record all transactions and events related to its significant influence investment in Krov Corporation, assuming that Krov's shares are traded in an active market, Julip applies the FV-NI approach, and the fair value of Julip's share of Krov Corp. at December 31, 2020, is $1,020. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation (To record investment purchase) (To record receipt of dividend) (To record fair value adjustment) Debit Credit LU
Prepare Julip's 2020 entries to record all transactions and events related to its significant influence investment in Krov Corporation, assuming that Julip applies the cost method to account for its investment in Krov (the shares are not traded in an active market). (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation (To record investment purchase) (To record collection of dividend) Debit Credit