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학습질의응답홈>국제자격증>CFA>게시판>학습질의응답
| 제목 | CFA level 2 FRA 김용석 강사님 FRA Curriculum book Volume 2, page 59 | 등록일 | 2018-11-04 |
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The following information relates to Questions 1?6 Cinnamon, Inc. is a diversified manufacturing company headquartered in the United Kingdom. It complies with IFRS. In 2009, Cinnamon held a 19 percent passive equity ownership interest in Cambridge Processing that was classified as available-for-sale. During the year, the value of this investment rose by ￡2 million. In December 2009, Cinnamon announced that it would be increasing its ownership interest to 50 percent effective 1 January 2010 through a cash purchase. Cinnamon and Cambridge have no intercompany transactions. Peter Lubbock, an analyst following both Cinnamon and Cambridge, is curious how the increased stake will affect Cinnamon’s consolidated financial statements. He asks Cinnamon’s CFO how the company will account for the investment, and is told that the decision has not yet been made. Lubbock decides to use his existing forecasts for both companies’ financial statements to compare the outcomes of alternative accounting treatments. Lubbock assembles abbreviated financial statement data for Cinnamon (Exhibit 1) and Cambridge (Exhibit 2) for this purpose. Exhibit 1.?Selected Financial Statement Information for Cinnamon, Inc. (￡ Millions) Year ending 31 December 2009 2010* Revenue1,4001,575Operating income126142Net income626931 December20092010*Total assets1,1701,317Shareholders’ equity616685 * Estimates made prior to announcement of increased stake in Cambridge. Exhibit 2.?Selected Financial Statement Information for Cambridge Processing (￡ Millions) Year ending 31 December 2009 2010* Revenue1,0001,100Operating income8088Net income4044Dividends paid202231 December20092010*Total assets800836Shareholders’ equity440462 * Estimates made prior to announcement of increased stake by Cinnamon. 4.In 2010, Cinnamon’s net profit margin would be highest if: A.it is deemed to have control of Cambridge. B.it had not increased its stake in Cambridge. C.it is deemed to have significant influence over Cambridge. CFA curriculum book page 59 #4 질문 드립니다. dividend income 3.8이 NI에 더해지기 때문에 지분법보다 passive equity일때 net profit margin이 크다고 생각했습니다. 그래서, 저는 B가 답이라고 생각했습니다. 왜 B보다 C가 더 올바른 답인지 설명해주시면 감사하겠습니다. 감사합니다. |
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