On January 1, 20X1, the Husky Corporation acquired 90% of the Spartan Company’s voting stock for $2,700,000. Spartan’s net assets had a book value of $2,450,000; the fair value of Spartan’s building was $325,000 greater than its book value. The book value of Husky’s net assets immediately after the acquisition of Spartan totaled $6,850,000. What is total stockholders’ equity on the January 1, 20X1 consolidated balance sheet?

A. $9,300,000

B. $6,850,000

C. $7,150,000

D. $7,120,000

Answer rating: 100% (QA)

To determine the total stockholders equity on the January 1 20X1 consolidated balance sheet we need ... View the full answer