An acquired subsidiary had an unrecorded in-process R&D with fair value of $75,000 at the acquisition date, 1/1/18. During 2018, the subsidiary spent another $26,000 on this R&D project. An impairment test showed no R&D impairment loss. During this year, the parent company also spent $52,000 to start a new R&D project of its own. The parent's balance sheet showed no R&D asset on 1/1/18. In the consolidated balance sheet of 12/31/18, at what amount should the asset account "In-process R&D" be reported?
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Answer rating: 100% (QA)

ANS WER The in process R D asset account should be reported at 101 000 on the consolidate... View the full answer