Chap006 Intercompany Transfers of Services and Noncurrent Assets
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Chap006 Intercompany Transfers of Services and Noncurrent Assets

Course Number: BACC 7128, Summer 2013

College/University: Rutgers

Word Count: 6470

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Chapter 06 - Intercompany Transfers of Services and Noncurrent Assets Chapter 06 Intercompany Transfers of Services and Noncurrent Assets Multiple Choice Questions 1. Blue Company owns 70 percent of Black Company's outstanding common stock. On December 31, 2008, Black sold equipment to Blue at a price in excess of Black's carrying amount, but less than its original cost. On a consolidated balance sheet at...

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Chapter 06 - Intercompany Transfers of Services and Noncurrent Assets Chapter 06 Intercompany Transfers of Services and Noncurrent Assets Multiple Choice Questions 1. Blue Company owns 70 percent of Black Company's outstanding common stock. On December 31, 2008, Black sold equipment to Blue at a price in excess of Black's carrying amount, but less than its original cost. On a consolidated balance sheet at December 31, 2008, the carrying amount of the equipment should be reported at: A. Blue's original cost. B. Black's original cost. C. Blue's original cost less Black's recorded gain. D. Blue's original cost less 70 percent of Black's recorded gain. 2. A parent and its 80 percent owned subsidiary have made several intercompany sales of noncurrent assets during the past two years. The amount of income assigned to the noncontrolling interest for the second year should include the noncontrolling interest's share of gains: A. unrealized in the second year from upstream sales made in the second year.A.

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