On January 1, 20X1, Port Inc. acquired 80% of the outstanding voting shares of Salut Inc. for total consideration of $1,200,000. On this date, Salut reported total assets of $1,800,000 and total liabilities of $800,000. All assets and liabilities had fair values equal to carrying values except for the following: Carrying value Fair value
Patent — $90,000
Bonds payable $150,000 200,000

The patent had a remaining useful life of 10 years as of the date of acquisition. The bonds mature on December 31, 20X4. It is now December 31, 20X2, and Pepper and Salt reported $140,000 and $80,000 of net income, respectively, in their legal entity financial statements. The investment was impaired by $20,000 in 20X2, and the impairment loss was allocated entirely to goodwill. What amount would be reported for consolidated net income attributable to the non- controlling interest (NCI) on the consolidated statement of comprehensive income (SCI) for the year ended December 31, 20X2, assuming Pepper elected to use the identifiable net assets (INA) approach?

Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale

Diversified semiconductors sells perishable electronic components. some must be shipped and stored in reusable protective containers. customers pay a deposit for each container received. the deposit is equal to the container’s cost. they receive a refund when the container is returned. during 2018, deposits collected on containers shipped were $856,000. deposits are forfeited if containers are not returned within 18 months. containers held by customers at january 1, 2018, represented deposits of $587,000. in 2018, $811,000 was refunded and deposits forfeited were $41,000. required: 1. prepare the appropriate journal entries for the deposits received and returned during 2018. 2. determine the liability for refundable deposits to be reported on the december 31, 2018, balance sheet.

Specialization—the division of labor—enhances productivity and efficiency by a) allowing workers to take advantage of existing differences in their abilities and skills. b) avoiding the time loss involved in shifting from one production task to another. c) allowing workers to develop skills by working on one, or a limited number, of tasks. d)all of the means identified in the other answers.