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Following are selected accounts for green corporation and

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Reference no: EM13373275

Following are selected accounts for Green Corporation and Vega Company as of December 31, 2010. Several of Green's accounts have been omitted.

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Green obtained 100% of Vega on January 1, 2006, by issuing 10,500 shares of its $10 par value common stock with a fair value of $95 per share. On January 1, 2006, Vega's land was undervalued by $40,000, its buildings were overvalued by $30,000 and equipment was undervalued by $80,000. The buildings have a 20-year life and the equipment has a 10-year life. $50,000 was attributed to an unrecorded trademark with a 16-year remaining life. There was no goodwill associated with this investment.

5. Compute the book value of Vega at January 1, 2006. 

A. $997,500
B. $857,500
C. $1,200,000
D. $1,600,000
E. $827,500 

6. Compute the December 31, 2010, consolidated revenues. 
A. $1,400,000
B. $800,000
C. $500,000
D. $1,590,375
E. $1,390,375 

7. Compute the December 31, 2010, consolidated total expenses. 
A. $620,000
B. $280,000
C. $900,000
D. $909,625
E. $299,625 

8. Compute the December 31, 2010, consolidated buildings. 
A. $1,037,500
B. $1,007,500
C. $1,000,000
D. $1,022,500
E. $1,012,500 

9. Compute the December 31, 2010, consolidated equipment. 
A. $800,000
B. $808,000
C. $840,000
D. $760,000
E. $848,000 

10. Compute the December 31, 2010, consolidated land. 
A. $220,000
B. $180,000
C. $670,000
D. $630,000
E. $450,000

 
Difficulty: Medium
 

11. Compute the December 31, 2010, consolidated trademark. 
A. $50,000
B. $46,875
C. $0
D. $34,375
E. $37,500

 

12. Compute the December 31, 2010, consolidated common stock. 
A. $450,000
B. $530,000
C. $555,000
D. $635,000
E. $525,000


13. Compute the December 31, 2010, consolidated additional paid-in capital. 
A. $210,000
B. $75,000
C. $1,102,500
D. $942,500
E. $525,000 

14. Compute the December 31, 2010 consolidated retained earnings. 
A. $1,645,375
B. $1,350,000
C. $1,565,375
D. $2,845,375
E. $1,265,375 

15. Compute the equity in Vega's income reported by Green for 2010. 
A. $500,000
B. $300,000
C. $190,375
D. $200,000
E. $290,375

Reference no: EM13373275

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