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ACC 577 Final Exam Guide
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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