Review Test Submission: 5-1 Exam 1 – ACC-690-Q5043 Adv . Point Co. purchased 90% of Sharpe Corp.’s voting stock on January 1, 20X2, for $5,580,000.

Point Co. purchased 90% of Sharpe Corp.’s voting stock on January 1, 20X2, for $5,580,000. Prior to the acquisition, Point held a 10% equity position in Sharpe Company. On January 1, 20X2, Point’s 10% investment in Sharpe has a book value of $340,000 and a fair value of $620,000. On January 1, 20X2, Point records the following:


Debit Gain on revaluation of Sharpe’s stock $280,000


Credit Gain on revaluation of Sharpe’s stock $280,000


Credit Investment in Sharpe stock $5,860,000


Debit Investment in Sharpe stock $6,200,000

please show steps in solving 

Fair Value of 10% InvestmentValue of Total Company $620,000$6,200,000 Investment made by Company:InitialNewTotal $340,000$5,580,000$5,920,000 Net Gain $280,000 Answer is BDebit to…

Show more

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10