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alex41 [277]
2 years ago
8

How should a christiandetermine whether to obey a specific command from his government?

Business
1 answer:
miskamm [114]2 years ago
5 0

If the government tries to force a Christian to violate a biblical command we must still obey the highest authority- which is God.

<h3>What is government?</h3>

A government is the system or collection of individuals in charge of an organized community, most commonly a state. In the broadest sense, government is made up of the legislative, the executive, and the judiciary.

The basic tasks of a government are to provide leadership, maintain order, provide public services, provide national security, provide economic security, and provide economic assistance.

The system of governing a state or society is known as government. A select portion of society is granted the system of social control, the right to enact laws under it, and the right to enforce them.

To know more about government follow the link:

brainly.com/question/18464634

#SPJ4

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Power Corporation acquired 100 percent ownership of Scrub Company on February 12, 20X9. At the date of acquisition, Scrub Compan
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Answer:

a. See the journal entries in the explanation below.

Retained Earnings is $175,000

Goodwill is $25,000

b. See the journal entries in the explanation below.

Retained Earnings is $175,000

Capital Reserve is $4,000

Explanation:

Note: There are mistakes the names of the companies in the requirements a anb b. These correctly restated before answering the question by as follows:

a. Prepare the following consolidation entries required to prepare a consolidated balance sheet immediately after the business combination assuming Power acquired its ownership of Scrub for $291,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. Record the basic consolidation entry

2. Record the excess value (differential reclassification entry)

b. Prepare the following consolidation entries required to prepare a consolidated balance sheet immediately after the business combination assuming Power acquired its ownership of Scrub for $262,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1. Record the basic consolidation entry.

2. Record the excess value (differential) reclassification entry.

<u>The answers and explanation are therefore given as follows:</u>

a. Prepare the following consolidation entries required when Consideration is $291,000

1. Record the basic consolidation entry

<u>Accounts                                              Dr ($)              Cr ($)              </u>

Common Stock                                   91,000

Retained Earnings (w.1)                    175,000

Goodwill (w.2)                                    25,000  

     Investment in Scrub Company                           291,000

<u><em>(To record the elimination of investment and stockholder equity.)   </em></u>

2. Record the excess value (differential reclassification entry)

Note that $25,000 is transferred to Goodwill account in part 1 above.

The $25,000 is transferred to Goodwill because when the consideration is greater than the net asset value which is calculated as the of Common Stock and Retained Earnings, the difference is the Goodwill.

When Net Consideration is more than the net asset value (Stockholder Equity), then the difference is to be transferred to Goodwill.

Workings:

w.1: Calculation of retained earning to be eliminated

Particulars                                                                        $

Retained Earnings Balance                                        160,000

Increase in land value                                                  21,000

Decrease in inventories values                              <u>     (6,000)  </u>

Fair Value retained earnings to be eliminated      <u>    175,000  </u>

w.2: Calculation of Goodwill to be recognized

Particulars                                                      $                         $

Consideration paid for acquisition                                     291,000

Assets of Scrub:

Asset book value                                     420,000

Increase in land value                                21,000

Decrease in inventories values         <u>       (6,000)  </u>

Assets                                                       435,000

Liabilities                                                <u>  (169,000)  </u>

Net asset value of Scrub                                                 <u> (266,000) </u>

Goodwill to be recognized                                            <u>      25,000  </u>

b. Prepare the following consolidation entries required when Consideration is $262,000

1. Record the basic consolidation entry

<u>Accounts                                              Dr ($)              Cr ($)              </u>

Common Stock                                   91,000

Retained Earnings (w.3)                    175,000

     Investment in Scrub Company                           262,000

     Capital reserve (w.4)                                                4,000

<u><em>(To record the elimination of investment and stockholder equity.)   </em></u>

2. Record the excess value (differential reclassification entry)

Note that $4,000 is transferred to Capital Reserve in part 1 above.

The $4,000 is transferred to Capital Rserve because when the consideration is less than the net asset value which is calculated as the of Common Stock and Retained Earnings, the difference is Capital Reserve.

When Net Consideration is less than the net asset value (Stockholder Equity), then the difference is to be transferred to Capital reserve.

Workings:

w.3: Calculation of retained earning to be eliminated

Particulars                                                                         $

Retained Earnings Balance                                        160,000

Increase in land value                                                  21,000

Decrease in inventories values                            <u>      (6,000)  </u>

Fair Value retained earnings to be eliminated     <u>    175,000  </u>

w.4: Calculation of Goodwill to be recognized

Particulars                                                      $                         $

Consideration paid for acquisition                                     262,000

Assets of Scrub:

Asset book value                                     420,000

Increase in land value                                21,000

Decrease in inventories values          <u>       (6,000)  </u>

Assets                                                       435,000

Liabilities                                                <u>  (169,000)  </u>

Net asset value of Scrub                                                  <u>  (266,000) </u>

Capital reserve to be recognized                                 <u>       (4,000)  </u>

3 0
3 years ago
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