Course Hero Logo

AFARDRILL 01 12512 123145 31.pdf - Consolidated Financial...

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 1 out of 1 page.

Consolidated Financial Statements (Part 2)Multiple ChoiceComputationalFair value decrementUse the following information for the next two questions:Popo Co. acquired 80% of Momo&R±RQ-DQXDU\²³´µ[²IRUڎ¶µµ³µµµ±7KHfollowing information was determined at acquisition date:Popo Co.Momo Co.Momo Co.CarryingamountCarryingamountFair valueEquipment4,000,000 2,000,000 1,600,000Accumulateddepreciation(800,000) (400,000) ( 320,000)Net3,200,000 1,600,000 1,280,000Remaining useful lifeJan. 1, 20x110 years 5 years 5 years1.How much is the consolidatedequipmentnetin the December 31, 20x2financial statements?a. 3,968,000b. 3,628,000c. 3,428,000d. 3,328,000
2.The consolidation journal entry for the depreciation of the fair valueadjustment on December 31, 20x2 includes
3.On January 1, 20x1, Donkey Co. acquired 75% of Monkey Co. At that time,MonkeyカV HTXLSPHQW KDV D FDUU\LQJ DPRXQW RI ڎ¸µµ³µµµ DQG D IDLU YDOXH RI
End of preview. Want to read the entire page?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
NoProfessor
Tags
Depreciation, Generally Accepted Accounting Principles, Monkey Co, Popo Co

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture