Antlers Company adopted the dollar-value LIFO retail method at…

7. Antlers Company adopted the dollar-value LIFO retail method at the beginning of 20Y1 (base year). The retail price index at the end of 20Y1 was 10%. The following data applies to Antlers inventory:


Beginning Inventory$36,000$72,000
Plus: Net Purchases$60,000$90,000
Plus: Net Markups $30,000
Less: Net Markdowns.                 .(20,000)
Less: Net Sales (62,000)
Estimated Ending Inventory      $110,000


What is the inventory balance that Antlers would report in its 12/31/20Y1 balance sheet?


8.  Johnson Corporation acquired all of the outstanding common stock of Smith Corporation for $11,000,000 in cash. The book value of Smith’s net assets was $7,800,000. The fair values of all Smith’s assets and liabilities were equal to their book values with the following exceptions:


 Book ValueFair Value
Intangible Assets$200,000$1,200,000


Calculate the amount Johnson should record as goodwill as a result of the transaction.


9. On January 1, 20Y1, Myner Corporation purchased a used machine. Myner paid $50,000 down and signed a noninterest-bearing note requiring $250,000 to be paid on 12/31/20Y3. The fair value of the machine is not determinable. An interest rate of 8% properly reflects the time-value of money for this type of loan agreement. At what amount should Myner record the acquisit?


11. On June 1, 20Y1, Cricket Company began construction of a new factory. The factory was completed on October 31, 20Y2. Expenditures on the project were as follows:


July 1, 20Y1$54,000
October 1, 20Y1$22,000
February 1, 20Y2$30,000
April 1, 20Y2$21,000
September 1, 20Y2$20,000
October 1, 20Y2$6,000


On July 1, 20Y1, Cricket obtained a $700,000 construction loan with a 6% interest rate. The loan was outstanding through the end of October, 20Y2. The company’s only other interest-bearing debt was a long-term note for $100,000 with an interest rate of 8%. This note was outstanding during all of 20Y1 and 20Y2. The company’s fiscal year-end is December 31. What is the amount of interest that Cricket should capitalize in 20Y1, using the specific interest method?

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