CFA特許金融分析師-CFA二級-新手入門（參考）-FinancialStatementAnalysis

CFA特許金融分析師-CFA二級-新手入門（參考）-FinancialStatementAnalysis共享題干題JohnThronenisananalystintheresearchdep（江南博哥）artmentofaninternationalsecuritiesfirm.HeispreparingaresearchreportonTopmaker,Inc.,apubliclytradedcompanythatcomplieswithIFRS.On1January2016,Topmakerinvested$11millioninBlancaCo.debtsecurities(witha5.0%statedcoupononparvalue,andinterestpayableeach31December).Theparvalueofthesecuritiesis$10million,andthemarketinterestrateineffectwhenthebondswerepurchasedwas4.0%.Topmakerdesignatestheinvestmentasheldtomaturity.Asof31December2016,thefairvalueofthesecuritiesis$12million.BlancaCo.wantstoraise$40millionincapitalbyborrowingagainstitsfinancialreceivables.Blancaplanstocreateaspecial-purposeentity(SPE),invest$10millionintheSPE,havetheSPEborrow$40million,andthenusethefundstopurchase$50millionofreceivablesfromBlanca.BlancameetsthedefinitionofcontrolandplanstoconsolidatetheSPE.Blanca'sbalancesheetispresentedinExhibit1.Alsoon1January2016,Topmakeracquireda15%equityinterestwithvotingpowerinRainerCo.for$300million.TopmakerhasrepresentationonRainer'sboardofdirectorsandparticipatesinRainer'spolicymakingprocess.ThronenbelievesthatTopmakerunderestimatedthegoodwillandbalancesheetvalueofitsinvestmentaccountinRainer.Toestimatethesefigures,ThronengathersselectedfinancialinformationforRainerasof31December2016inExhibit2.Theplantandequipmentaredepreciatedonastraight-linebasisandhave10yearsofremaininglife.During2016,Rainersold$60millionininventorytoTopmakerfor$80million.In2017,Topmakerresoldtheentireinventorytoathirdparty.Thronenisconcernedaboutpossiblegoodwillimpairmentresultingfromexpectedchangesintheindustryeffectiveattheendof2017.HecalculatestheimpairmentlossbasedontheprojectedconsolidatedbalancesheetdatashowninExhibit3,assumingthatthecash-generatingunitandreportingunitofTopmakerarethesame.Finally,TopmakerannouncesitsplantoincreaseitsownershipinterestinRainerto80%effective1January2018.ItwillaccountfortheinvestmentinRainerusingthepartialgoodwillmethod.ThronenestimatesthatthefairmarketvalueoftheRainer'ssharesontheexpecteddateofexchangeis$2billion,withtheidentifiableassetsvaluedat$1.5billion.[單選題]1.ThecarryingvaluereportedonthebalancesheetofTopmaker'sinvestmentinBlanca'sdebtsecuritiesat31December2016is:A.$10,940,000.B.$11,000,000.C.$12,000,000.正確答案：A參考解析：Becausetheinvestmentisdesignatedasheldtomaturity,itisreportedatamortizedcostattheendofYear1usingtheeffectiveinterestmethod,wherebytheamortizationiscalculatedasthedifferencebetweentheamountreceivedandtheinterestincome.Theamountreceivedeachperiod($500,000)isbasedontheparvalueof$10,000,000andthestated5%couponrate.Theinterestincomeof$440,000iscalculatedbymultiplyingthe4.0%marketratebytheinitialfairvalueoramortizedcostatthebeginningoftheperiodof$11,000,000.Thedifferencebetweenthe$500,000receivedandtheinterestincomeof$440,000istheamortizationamount,whichisequalto$60,000.Theinitialfairvalueof$11,000,000isreducedbyamortization,resultinginanamortizedcostattheendofYear1of$10,940,000.Thisamountrepresentsthecarryingvaluereportedonthebalancesheetifthesecurityisclassifiedasheldtomaturity.[單選題]2.BasedonExhibit1andBlanca'splanstoborrowagainstitsfinancialreceivables,theconsolidatedbalancesheetwillshowtotalassetsof:A.$50,000,000.B.$140,000,000.C.$150,000,000.正確答案：B參考解析：[單選題]4.BasedonExhibit2,thegoodwillincludedinTopmaker'spurchaseofRaineris:A.$21million.B.$60million.C.$99million.正確答案：B參考解析：[單選題]5.BasedonExhibit2,thecarryingvalueofTopmaker'sinvestmentinRainerattheendof2016isclosestto:A.$282million.B.$317million.C.$321million.正確答案：B參考解析：[單選題]6.WhichofthefollowingstatementsregardingthesaleofinventorybyRainertoTopmakeriscorrect?A.Thesalerepresentsadownstreamsale.B.Topmaker'sunrealizedprofitsareinitiallydeferred.C.ProfitswilldeclineonTopmaker's2016incomestatement.正確答案：B參考解析：TheinventorysalebetweenRainer(associate)andTopmaker(parent)isanupstreamtransaction.Undertheequitymethod,thedeferralprocessforunrealizedprofitsisidenticalunderupstreamanddownstreaminventorytransfers.Theinvestorcompany's(Topmaker's)shareofunrealizedprofitsisdeferredbyreducingtherecordedamountofequityincomeontheinvestor'sincomestatement.Inlaterperiods,whentheinventoryissoldtothirdparties,thedeferredprofitsareaddedtoequityincome.[單選題]7.BasedonExhibit3,Topmaker'simpairmentlossunderIFRSis:A.$120million.B.$300million.C.$400million.正確答案：B參考解析：[單選題]8.Thevalueoftheminorityinterestattheacquisitiondateof1January2018is:A.$300million.B.$400million.C.$500million.正確答案：A參考解析：AccordingtoIFRS,underthepartialgoodwillmethod,thevalueoftheminorityinterestisequaltothenon-c