review for test 7 - 88. award: 0 out of 0 points If Watkins...

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88. award: 0 out of 0 points If Watkins pays $450,000 in cash for Glen, at what amount would Glen's Inventory acquired be represented in a December 31, 2010 consolidated balance sheet? $40,000. $50,000. $0. $10,000. $90,000. references 89. award: 0 out of 0 points If Watkins pays $450,000 in cash for Glen, and Glen earns $50,000 in net income and pays $20,000 in dividends during 2010, what amount would be reflected in consolidated net income for 2010 as a result of the acquisition? $20,000 under the initital value method. $30,000 under the partial equity method. $50,000 under the partial equity method. $44,500 under the equity method. $34,500 regardless of the internal accounting method used. For business combinations involving less than 100 percent ownership, the acquirer recognizes and measures all of the following at the acquisition date except : identifiable assets acquired, at fair value. liabilities assumed, at book value. noncontrolling interest, at fair value. goodwill or a gain from bargain purchase. none of these choices is correct. When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of $70,000 and a fair value of $100,000.
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award: 0 out of 0 points What amount should have been reported for the land in a consolidated balance sheet at the acquisition date? $52,500. $70,000. $75,000. $92,500. $100,000. references 92. award: 0 out of 0 points What is the total amount of excess land allocation at the acquisition date? $0. $30,000. $22,500. $25,000. $17,500. references 93. award: 0 out of 0 points What is the amount of excess land allocation attributed to the controlling interest at the acquisition date? $0.
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This note was uploaded on 10/29/2011 for the course ADVANCED A 4110 taught by Professor Fridel during the Spring '11 term at University of Minnesota Duluth.

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review for test 7 - 88. award: 0 out of 0 points If Watkins...

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