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Quiz 3 Ch 4(1) - Quiz Ch 4 1 For business combinations...

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1 Quiz Ch 4 1. For business combinations involving less than 100 percent ownership, the acquirer recognizes and measures all of the following at the acquisition date except : A. identifiable assets acquired, at fair value. B. liabilities assumed, at book value. C. noncontrolling interest, at fair value. D. goodwill or a gain from bargain purchase. E. none of these choices is correct. 2. 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. What amount should have been reported for the land in a consolidated balance sheet at the acquisition date? 3. 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. What is the total amount of excess land allocation at the acquisition date? 4. In comparing U.S. GAAP and international financial reporting standards (IFRS) with regard to a basis for measurement of a noncontrolling interest, which of the following is true?
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