Affiliate Marketing Secrets

During 2011, Yale Company acquired some of the 48,100 outstanding shares of the common stock, par $13, of Carol Corporation as available-for-sale investments. The accounting period for both companies ends December 31.
Dec. 2 Purchased 6,300 shares of Carol common stock at $25 per share.
Dec. 15 Carol Corporation declared and paid a cash dividend of $2 per share.
Dec. 31 Determined the current market price of Carol stock to be $21 per share.
Prepare the journal entries for each of the above transactions that occurred during 2011 (Omit the “$” sign in your response):
Date General Journal Debit Credit
Dec. 2 (Click to select)Investments in SASInvestments in Trading securitiesNet unrealized losses/gainsDividend revenueInterest receivableCashAccounts receivableInvestments in affiliates
(Click to select)Accounts payableDividend revenueInvestments in Trading securitiesAccounts receivableCashInvestments in SASInvestments in affiliatesNet unrealized losses/gains
Dec. 15 (Click to select)Investments in affiliatesCashInvestments in SASInterest receivableAccounts receivableInvestments in Trading securitiesNet unrealized losses/gainsDividend revenue
(Click to select)Net unrealized losses/gainsInterest receivableInterest payableInvestments in SASInvestments in affiliatesInvestments in Trading securitiesDividend revenueCash
Dec. 31 (Click to select)Net unrealized losses/gainsCashAccounts receivableDividend revenueAccounts payableInvestments in Trading securitiesInvestments in SASInvestments in affiliates
(Click to select)CashInvestments in affiliatesDividend revenueInterest receivableInvestments in Trading securitiesAccounts receivableInvestments in SASNet unrealized losses/gains

JKRB, Don G and Sandy…first of all, thanks to all of you for your guidance through so many accounting problems on this forum. I have often been able to work through problems by reading your explanations and analysis’. You are helping so many more than the one who is asking the question! And speaking of questions…I have a whopper! The examples given in our text are so different from this problem. Desperately hoping one of you can help guide me through this one. (BTW..the first number will be the book value and the second will be the fair value..yahoo moves my numbers over like that.)
Axel Corporation acquires 100% of the stock of Wheal Company on December 31, Year 4. The following information pertains to Wheal Company on the date of acquisition:
Book Value Fair Value
Cash $40,000 $40,000
Accounts receivable 60,000 55,000
Inventory 50,000 75,000
Property, plant and equip (net) 100,000 200,000
Secret formula (patent) ___ 30,000
Total Assets $250,000 $400,000
Accounts payable $30,000 $30,000
Accrued employee pensions 20,000 22,000
Long-term debt 40,000 38,000
Capital stock 100,000 ___
Other contributed capital 25,000 ___
Retained earnings 35,000 ___
Total liabilities and equity $250,000 $90,000
Axel Corporation issues $110,000 par value ($350,000 market value on December 31, Year 4) of its own stock to the shareholders of Wheal Company to consummate the transaction, and Wheal Company becomes a wholly owned, consolidated subsidiary of Axel Corporation.
Required:
a. Prepare journal entries for Axel Corp. to record the acquisition of Wheal Company stock assuming (1) pooling accounting and (2) purchase accounting.
b. Prepare the worksheet entries for Axel Corp. to eliminate the investment in Wheal Company stock in preparation for a consolidated balance sheet at December 31, Year 4 assuming (1) pooling accounting and (2) purchase accounting.
c. Calculate consolidated retained earnings at December 31, Year 4 (Axel’s retained earnings at this date are $150,000), assuming:
(1) Axel Corp. uses the pooling method for this business combination.
(2) Axel Corp. uses the purchase method for acquisition of Wheal Company.
check
(b) Cr. Investment in Wheal for $110,000 in (1), and $350,000 total in (2)

The Houston Holocaust Museum is trying to collect 1.5 million butterflies (not real ones) to represent the 1.5 million children killed in the Holocaust. Information about this program can be found at this link. http://www.hmh.org/ed_butterfly1.shtml
I wish I could do more to help them, but I can’t draw a stick. I guess my contribution will be finding people who ARE artistic to help. The deadline is December 31 of this year, so there is plenty of time to make a few butterflies. I hope that you will help.
I should add that I am not affiliated with the museum in any way.

Langrova Inc. has the following amounts included in its general ledger at December 31, 2010.
Organization costs $24,000
Trademarks 20,000
Discount on bonds payable 35,000
Deposits with advertising agency for ads to promote goodwill of company 10,000
Excess of cost over fair value of net identifiable assets of acquired subsidiary 75,000
Cost of equipment acquired for research and development projects; the
equipment has an alternative future use 90,000
Costs of developing a secret formula for a product that is expected to
be marketed for at least 20 years 80,000
On the basis of the information above, compute the total amount to be reported by Langrova for intangible assets on its balance sheet at December 31, 2010. Equipment has alternative future use.