AMIS624X2K - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName...

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Last Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | First Name | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | _ | Accounting & MIS 624 Exam II Spring 2011 Instructions: 1. Read each question carefully and answer fully.   Unless otherwise  specified,   subsidiaries   do   not   use   the   push-down   method   of  accounting.  All consolidations are handled as purchases (not pooling)  unless indicated.  All firms use a calendar year.  Use post-December  2008 GAAP unless otherwise told to do so.    Round all answers to  nearest whole dollar. 2. Problems not supported by relevant and readable computations are  subject to point loss.  Where appropriate, terms like “net income,” “net  loss,” etc. must be included with number answers. 3. Budget your time carefully.  It is generally better to finish half of each  problem than to complete all of half the problems.   Students who  continue to work on exams after instructed to stop will receive a zero  on this exam. 4. It is the student's responsibility to verify that all the listed problems  and   pages   are   contained   is   this   booklet.     Unanswered   questions  receive zero points regardless of reason. Problem Pages Approximate Points Approximate Time I 2 - 5 60 32 – 40 minutes II 6 - 8 40 22 – 27 minutes III 9 32 18 – 22 minutes IV 10 - 11 28 15 – 19 minutes Total 160 87 - 108 minutes
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Page 2 of 11 P ROBLEM  I Presented   below   is   the   partially   completed   worksheet   for   Parent   and   Sub  immediately after Parent acquired 80% of Sub.  The current and book value of all of Sub’s  recorded assets were the same except as follows.  Inventory (LIFO) has a fair value of $760.  Property, Plant & Equipment (10 years remaining) has a fair value of $2,900.   Land  (indefinite life) has a fair value of $620.  Long-term Liabilities (5 years remaining) has a  $1,260 current value.   The Sub was determined to have previously unrecorded R&D in  process (10-year remaining useful life) worth $250.   The fair market value of the non- controlling interest was $718 at the acquisition date.
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This note was uploaded on 08/06/2011 for the course AMIS 624 taught by Professor Wallin during the Summer '11 term at Ohio State.

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AMIS624X2K - LastName |_|_|_|_|_|_|_|_|_|_|_|_| FirstName...

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