On its acquisition-date consolidated balance sheet, what amount should Hill report as patented technology (net)? a. $200,000
Question:
On its acquisition-date consolidated balance sheet, what amount should Hill report as patented technology (net)?
a. $200,000
b. $230,000
c. $410,000
d. $430,000
Hill, Inc., obtains control over Loring, Inc., on July 1. The book value and fair value of Loring's accounts on that date (prior to creating the combination) follow, along with the book value of Hill's accounts:
Hill Book Values Loring Book Values Loring Fair Values Revenues $(250,000) 130,000) 170,000 (130,000) 140,000 Retained earnings, 1/1 Cash and receivables Inventory Patented technology (net). Land Buildings and equipment (net) Liabilities Common stock Additional paid-in capital 80,000 (150,000) 60,000 145,000 180,000 200,000 75,000 (360,000) 60,000 175,000 4303, 230,000 400,000 100,000 (300,000) (10,000) (30,000)
Step by Step Answer:
d Hill patented technology 230000 ...View the full answer
Fundamentals of Advanced Accounting
ISBN: 978-0077667061
5th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
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