ACC 577 Final Exam Guide For more course tutorials visit www. uophelp. com
ACC 577 Final Exam Guide For more course tutorials visit www. uophelp. com
All Questions Details given below( Please Check)
ACC 577 Final Exam Study Question 1
At the time Company P acquired controlling interest of Company S the following accounts and balances existed on the books of the two companies: Which one of the following amounts should be eliminated in preparing a consolidated balance sheet immediately following the business combination?
Question 2
In which one of the following cases will a non-cash asset transferred as consideration in a business combination be measured at carrying value, not at fair value?
Question 3
On January 1, 200x Ritt Corp. purchased 80 % of Shaw Corp.' s $ 10 par common stock for $ 975,000. On this date, the carrying amount of Shaw ' s net assets was $ 1,000,000. The fair values of Shaw ' s identifiable assets and liabilities were the same as their carrying amounts except for plant assets( net) which were $ 100,000 in excess of the carrying amount. On that date, the fair value of the 20 % non controlling interest in Shaw was appropriately determined to be $ 200,000. For the year ended December 31, 200x, Shaw had net