Answers to Exam 2 Form A Summer I 2009

Answers to Exam 2 Form A Summer I 2009 - Accounting401...

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Accounting 401 Answers Exam 2 – Form A Summer I 2009 Part I – Multiple Choice 1. d 2. d 3. c 4. e 5. a 6. e 7. a 8. a 9. b 10.c Part II 1. Noncontrolling interest is $160,000 (240,000/0.6) x 0.40 2. Consolidated balance for the building is $150,000 Use building’s fair value. 3. Consolidated revenues are $200,000 All revenues should be reported. 4. Annual excess amortization is $16,800 67,200/4 5. Consolidated goodwill is $50,600 Cost            $969,000 80% of fair value of net identifiable assets 918,400
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Goodwill               $50,600 Part III 1. B 2. B 3. A 4. A (purchase method does not use implied values) 5. A 2. Consolidated elimination entries: (1) Equity in subsidiary earnings 228,000      Dividends – Sub 38,000      Investment in Subsidiary            190,000 (2) Common stock – Sub 360,000 Additional paid-in capital - Sub   40,000 Retained earnings – Sub
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This note was uploaded on 03/09/2012 for the course ACCT 401 taught by Professor Staff during the Summer '08 term at Texas A&M.

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Answers to Exam 2 Form A Summer I 2009 - Accounting401...

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