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When a parent uses the initial value method throughout the year to account for its investment in an acquired subsidiary, which of the following statements is true before making adjustments on the consolidated worksheet?
a) Parent company net income equals consolidated net income.
b) Parent company retained earnings equals consolidated retained earnings.
c) Parent company total assets equals consolidated total assets.
d) Parent company dividends equal consolidated dividends.
e) Goodwill will not be recognized on the parent's books.
On the date of purchase, the patent had an estimated useful life of eleven years. It currently has a remaining useful life of four years. The current fair value of the patent is $43,000. Company management estimates that the patent will generate f..
What ratio of debt to equity does the IRS use as a rule of thumb to determine whether or not there is too much debt to equity in the corporate structure?
The manufacturing operations of REason,inc had the following balances for the month of January: Compute the cost of goods sold.
When one media company buys another, goodwill is often the most costly asset acquired. World media paid $700,000 to acquire-Journalize World Media's acquisition of The Dandy Dime.
What amount will be debited in the December 31, 2005 worksheet elimination for the machine account as a result fo this transaction?
Leigh, who owns a 50% interest in a sporting goods store, was a material participant in the activity for the last fifteen years. She retired from the sporting goods store at the end of last year and will not participate in the activity in the futu..
Probe Manufacturing leased an asset with a fair market value of $145,000 to Detection Devices. Detection will pay Probe $25,000 annually, in advance, for the next 10 years.
The cahs equivalent price of the machine was $9,500. Smith Corp incurred and paid installation costs of $300. Prepare the journal entries to record tje acquisition of the machine
She does remember that the machine has a projected life of 10 years. Based on these data, the annual cost savings are:
Top executive officers of Leach Company, a merchandising firm, are preparing the next year's budget. The controller has provided everyone with the current year's projected income statement
The corporation owns a building with a $160,000 adjusted basis and a $120,000 fair market value. The company has earnings and profits of $200,000.
Retained earnings at 1/1/06 was $150,000 and at 12/31/06 it was $200,000. During 2006, cash dividends of $50,000 were paid and a stock dividend of $40,000 was issued. Both dividends were properly charged to retained earnings.
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