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齐王木木 · 2023年10月29日

经典题有pdf版吗?

NO.PZ2023040501000001

问题如下:

Claire Munroe, the senior publishing analyst at North Star Securities, has begun to review the recent financial performance of Suburban Publishers, Inc. Suburban, which reports under IFRS, has a history of purchasing community news groups from around the country and holding them for several years even if they are not initially profitable. The growth of online publishing has been difficult on many major newspapers, but community newspapers have been particularly resilient.

At the start of 2013, Suburban purchased 24% of the 1 million outstanding shares of West Reach Community News Group for $12 million. West Reach’s income and dividends since the purchase to the end of 2016 are shown in Exhibit 1.

Exhibit 1 West Reach Community News Group Income and Dividends, 2013–2016 ($ thousands)


As Munroe reviewed her working papers, she came across a notation that she had made following the acquisition: “A very strange long-term acquisition for Suburban. West Reach’s majority holder, William French (who is now 81 years old), holds 72% of the shares and controls the board with an iron hand. Dividends are paid out according to his needs and preferences. Suburban was unsuccessful in getting any of its preferred candidates elected to the board or exerting any influence on West Reach’s dividend policy.” An interesting development occurred near the end of 2016, when Mr. French sold 100,000 of his shares to one of Suburban’s competitors for $6.2 million. Just before Monroe closed her file on this firm, she added, “Mr. French is still firmly in control but changes may be on the horizon—he is now a few years older”.

The most appropriate value (in millions) for Suburban’s investment in West Reach at December 31, 2016, is:

选项:

A.

$12.00

B.

$13.68

C.

$14.88

解释:

Although Suburban’s ownership interest (24%) in West Reach exceeds the amount that is normally deemed sufficient to presume significant influence (20%), the inability to elect directors or influence the firm’s policy making indicates a lack of significant influence. It would thus be inappropriate to account for its holdings under the equity method. Instead West Reach should be considered a passive investment of Suburban and carried at full value. Although difficult to value because of its private status, the recent sale by Mr. French provides an observable price that can be used to revalue Suburban’s holdings per the table below.


A is incorrect. This is the cost value of the investment.

B is incorrect. This would be the value if West Reach was considered an equity investment, per

the following table:


有pdf版文件吗 想打印成纸质的做

1 个答案

王园圆_品职助教 · 2023年10月29日

同学你好,有的哦,以下是电脑端截图——红色部分点开就可以找到对应的经典题版本下载

手机端也一样,请看以下截图黄色部分

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