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advanced accounting…1.Which types of transactions, exchanges, or events would indicate that an investor has the ability to exercise significant influence over the operations of an investee? What is the primary objective of the equity method of accounting for an investment? How does the use of the equity method affect the investor’s financial statements?2.What is the primary difference between recording an acquisition when the subsidiary is dissolved and when separate incorporation is maintained? For acquisition accounting, why are assets and liabilities of the subsidiary consolidated at fair value?3.Dutch Company recently acquired three businesses, recognizing goodwill in each acquisition. Destin has allocated its acquired goodwill to its three reporting units: Apple, Banana, and Carrot. Dutch provides the following information in performing the 2013 annual review for impairment:How much goodwill impairment should Dutch report for 2013? Show ALL computations.4.McLauden, Inc. acquires 70 percent of Dellis Corporation on September 1, 2010, and an additional 10 percent on November 1, 2011. Annual amortization of $8,400 attributed to the controlling interest relates to the first acquisition. Dellis reports the following figures for 2011:Without regard for this investment, McLauden earns $480,000 in net income ($840,000 revenues less $360,000 expenses; incurred evenly through the year) during 2011.Required: Prepare a schedule of consolidated net income and apportionment to non-controlling and controlling interests for 2011. Show ALL computations.5.How do upstream and downstream inventory transfers differ in their effect in a year-end consolidation?6.Define variable interests in an entity and how might VIEs provide financial control over an entity. When is a sponsoring firm required to consolidate the financial statements of a VIE with its own financial statements?7.Parent Corporation acquired some of its subsidiary’s bonds on the open bond market. The remaining life of the bonds was eight years, and Parent expected to hold the bonds for the full eight years. How would the acquisition of the bonds affect the consolidation process?8.Why and how frequently are interim financial statements required to be published for publicly traded companies in the U.S.? How does a company measure income tax expense to be reported in an interim period?9.What is the purpose of a hedge of foreign exchange risk?10.Under what conditions would the U.S. dollar be the functional currency for a European subsidiary?
