Monis inc. acouired 100% ofthe votng common srock of Mark Inc on January 1, 2020. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Monis inc. acouired 100% ofthe votng common srock of Mark Inc on January 1, 2020. The book value and fair value of Mark's accounts on that date lorior to creating the umtato a toow along with the book value of Morris accounts: Mark ewut Rock fair v etanan eernng 1/0 31000 3000 Cah and abi 20.000 240000 20.000 metoy 200.000 220000 Land 230.000 10.000 dne Inei 000 p000 Emint inet! 120.000 0.000 S.000 Labins 4 00 40000 Common ack 10.000 A ol n ct 20.000 4.000 Assume that Morris issued 12,000 shares of common stock with a $5 par value and a $47 fair value for all of the outstanding shares of Mark. What will be the balance in the consolidated inventory and Land accounts? O $500,000 and $400,000. O S510,000 and $427,000. O 5520,000 and $440,000. O S505,000 and $425,000. O $496,000 and $440,000. Monis inc. acouired 100% ofthe votng common srock of Mark Inc on January 1, 2020. The book value and fair value of Mark's accounts on that date lorior to creating the umtato a toow along with the book value of Morris accounts: Mark ewut Rock fair v etanan eernng 1/0 31000 3000 Cah and abi 20.000 240000 20.000 metoy 200.000 220000 Land 230.000 10.000 dne Inei 000 p000 Emint inet! 120.000 0.000 S.000 Labins 4 00 40000 Common ack 10.000 A ol n ct 20.000 4.000 Assume that Morris issued 12,000 shares of common stock with a $5 par value and a $47 fair value for all of the outstanding shares of Mark. What will be the balance in the consolidated inventory and Land accounts? O $500,000 and $400,000. O S510,000 and $427,000. O 5520,000 and $440,000. O S505,000 and $425,000. O $496,000 and $440,000.
Expert Answer:
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
Students also viewed these accounting questions
-
On January 1, 2013, Jackie Corp. purchased 30% of the voting common stock of Rob Co., paying $2,000,000. Jackie properly accounts for this investment using the equity method. At the time of the...
-
On January 1 2020 Potter Company purchased 100 of the 1000 shares of Voldomort Company for $800. Potter has no significant influence over Voldomort On July 1, 2020, Voldomort declared and paid a $1...
-
Bullen Inc. acquired 100% of the voting common stock of Vicker Inc. on January 1, 2011. The book value and fair value of Vicker's accounts on that date (prior to creating the combination) follow,...
-
Use a histogram to graph the cumulative frequencies. Use the following information to answer question. Suppose a class of high school seniors had the following distribution of SAT scores in English....
-
Suppose you hold most of your wealth in stock. What kinds of options should you buy or sell in each of the following circumstances? a. You think the stock market will probably do well, but you worry...
-
The motor and load shown in Figure P5.46(a) are used as part of the unity feedback system shown in Figure P5.46(b). Find the value of the coefficient of viscous damping, DL, that must be used in...
-
You have estimated the value per share for Littlefield Inc., a transportation company, under three scenarios: \($5/share\) under the worst case scenario, \($30/share\) under the best-case scenario,...
-
The following transactions occurred in October at Pawnee Workshops, a custom manufacturer of furniture: 1. Purchased $16,000 of materials. 2. Issued $800 of supplies from the materials inventory. 3....
-
find the present value that will grow to $7000 if the annual interest rate is 9.5% compound quarterly for 8 year 2 answers
-
The isotope technetium-99m is used by doctors to image the skeleton and heart muscles. Fol- lowing injection, the concentration of this isotope decays exponentially in the body. a. Let N(t) represent...
-
Data table (Click on the following icon in order to copy its contents into a spreadsheet.) Date Jan Cola Co. Gas Co. 2.10% 8.20% Feb 0.30% 0.60% Mar 6.75% 2.20% Apr 0.50% 2.30% May 0.90% 2.10% June...
-
A review of the ledger of Blossom Company at December 31, 2022, produces the following data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $10,680. The company has...
-
Planning for mass gatherings is an important part of public safety.As we have seen during emergencies and disasters related to mass gatherings, the response of health care professionals is...
-
Can you help me with a letter thank you after the interview for accountant position. ' INSTRUCTIONS 1. Read the following article Thank You Email After An Interview (opens in new window) 2. Using the...
-
Find the entry for Customer number: 216582, Region: East, Date of sale: 1/1/2015, Brand: Jeffrey Alexander, Collection: Torino, Description: 3" CC pull, List price: $2.52, Quantity 380. What is the...
-
The unadjusted trial balance of the Manufacturing Equitable at December 31, 2021, the end of its fiscal year, included the following account balances. Manufacturing's 2021 financial statements were...
-
Phantom Troupe, Inc. planea instalar una pequea sala de juegos.El costo total del proyecto es P175,000 y se espera que exista ensiete (7) aos. Perodos Factores de valor presente12% 14% 16% 18 1 answer
-
Suppose that the electrical potential at the point (x, y, z) is E(x, y, z) = x + y - 2z. What is the direction of the acceleration at the point (1,3,2)?
-
On December 31, 20X2, your companys Mexican subsidiary sold land at a selling price of 3,000,000 pesos. The land had been purchased for 2,000,000 pesos on January 1, 20X1, when the exchange rate was...
-
May an individual partner simply decide to leave a partnership? Does the partnership have any legal recourse against that partner? Explain.
-
Periodic reporting adds complexity to accounting by requiring estimates, accruals, deferrals, and allocations. Interim reporting creates even greater difficulties in matching revenue and expenses....
-
George Binkleys car is seven years old. The car is no longer under warranty and requires frequent repairs. George is trying to decide whether to buy a new car. He has asked you what you think about...
-
The managers at Miami Manufacturing Company are considering replacing the industrial mixer used in the companys factory. Information about the old mixer: Cost Estimated useful life Estimated residual...
-
John Paul Hudik, president of J. P. Hudik Boat Hauling, is considering replacing the companys industrial lift used to haul boats. The new lift would allow the company to lift larger boats out of the...
Study smarter with the SolutionInn App