Multiple Choice Option A Option B Option C Option D

Grant Company acquired Lee Company for $600,000 cash. The fair value of Lee's assets was $520,000, and the company had $40,000 in liabilities. Which ofthe following choices would reflect the acquisition on elements of Grant's financial statements? Balance Sheet (600, eee) 520, eeo 120, eee ae, ooe (600 , ee) b. 480 , eee 120,eee (600, eee) 520, eeo (600, eee) 520, eee 120, ee , oo Assets Lee' s Assets Stockholders' Equity Retained Common Stock + Earnings Income Statement Income d. Cash Multiple Choice Goodwil 1 80 , eee Liabilities Accounts Payable NA Revenue Expenses = Net Statement of Cash Flows (6e,oe) OA (6e,eo) OA (6ee,o) IA (6e,eo) IA O O O O Option A Option B Option C Option D