Exam1_ solutions

A 1560 b 1260 c 1440 d 1160 e 1140 42 compute the

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A. $1,560 B. $1,260 C. $1,440 D. $1,160 E. $1,140 42. Compute the amount of Hurley's equipment that would be reported on a December 31, 2009, consolidated balance sheet. A. $1,000 B. $1,250 C. $875 D. $1,125 E. $750 43. Compute the amount of Hurley's land that would be reported on a December 31, 2009, consolidated balance sheet. A. $900 B. $400 C. $1,300 D. $1,450 E. $2,200 44. Compute the amount of Hurley's long-term liabilities that would be reported on a December 31, 2009, consolidated balance sheet. A. $1,800 B. $1,700 C. $1,725 D. $1,675 E. $3,500
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45. Compute the amount of Hurley's buildings that would be reported on a December 31, 2010, consolidated balance sheet. A. $1,620 B. $1,380 C. $1,320 D. $1,080 E. $1,500 46. Compute the amount of Hurley's equipment that would be reported on a December 31, 2010, consolidated balance sheet. A. $0 B. $1,000 C. $1,250 D. $1,125 E. $1,200 47. Compute the amount of Hurley's land that would be reported on a December 31, 2010, consolidated balance sheet. A. $900 B. $1,300 C. $400 D. $1,450 E. $2,200 48. Compute the amount of Hurley's long-term liabilities that would be reported on a December 31, 2010, consolidated balance sheet. A. $1,700 B. $1,800 C. $1,650 D. $1,750 E. $3,500 Use the following to answer Questions 49 and 60: Bell Company acquires 80% of Demers Company for $500,000 on January 1, 2009. Demers reported common stock of $300,000 and retained earnings of $200,000 on that date. Equipment was undervalued by $30,000 and buildings were undervalued by $40,000, each having a 10-year remaining life. Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. Based on an annual review, goodwill has not been impaired. Demers earns income and pays dividends as follows: Assume the equity method is applied.
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49. Compute Bell's investment in Demers at December 31, 2009. A. $580,000 B. $574,400 C. $548,000 D. $542,400 E. $541,000 50. Compute Bell's investment in Demers at December 31, 2010. A. $577,200 B. $664,800 C. $592,800 D. $580,000 E. $572,000 51. Compute Bell's investment in Demers at December 31, 2011. A. $639,000 B. $643,200 C. $763,200 D. $676,000 E. $620,000 52. Compute Bell's income from Demers for the year ended December 31, 2009. A. $74,400 B. $73,000 C. $42,400 D. $41,000 E. $80,000 53. Compute Bell's income from Demers for the year ended December 31, 2010. A. $90,400 B. $89,000 C. $50,400 D. $56,000 E. $96,000 54. Compute Bell's income from Demers for the year ended December 31, 2011. A. $50,400 B. $56,000 C. $98,400 D. $97,000 E. $104,000
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55. Compute the non-controlling interest in the net income of Demers at December 31, 2009. A. $20,000 B. $12,000 C. $18,600 D. $10,600 E. $14,400 56. Compute the non-controlling interest in the net income of Demers at December 31, 2010. A. $18,400 B. $14,400 C. $22,600 D. $24,000 E. $12,600 57. Compute the non-controlling interest in the net income of Demers at December 31, 2011. A. $20,400 B. $26,000 C. $24,600 D. $14,000 E. $12,600 58. Compute the non-controlling interest of Demers at December 31, 2009. A. $135,600 B. $117,000 C. $112,000 D. $100,000 E. $110,600 59. Compute the non-controlling interest of Demers at December 31, 2010. A. $107,000 B. $126,000 C. $109,200 D. $149,600 E. $148,200 60. Compute the non-controlling interest of Demers at December 31, 2011. A. $107,800 B. $140,000 C. $165,200 D. $160,800 E. $146,800
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A 1560 B 1260 C 1440 D 1160 E 1140 42 Compute the amount of...

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