Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 12. parrett corp. acquired one hundred percent of

12. Parrett Corp. acquired one hundred percent of Jones Inc. on January 1, 2009, at...

90.2K

Verified Solution

Question

Accounting

image
12. Parrett Corp. acquired one hundred percent of Jones Inc. on January 1, 2009, at a price in excess of the subsidiary's fair value. On that date, Parrett's equipment (ten-year life) had a book value of $360,000 but a fair value of $480,000. Jones had equipment (ten-year life) with a book value of $240,000 and a fair value of $350,000. Parrett used the partial equity method to record its investment in Jones. On December 31, 2011, Parrett had equipment with a book value of $250,000 and a fair value of $400,000. Jones had equipment with a book value of $170,000 and a fair value of $320,000. What is the consolidated balance for the Equipment account as of December 31, 2011

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Methods and possible ways of getting data that can be used to Quantify rail network and...

Civil Engineering
Q

Question 5 Points 2 Which among the following has a positive connotation Eccentric O Bizarre...

Biology
Q

Vymbylte formaling help DETAILS Find the rectangular equation of the parametric curve x 7e y...

Basic Math
Q

FO a A botanist at a nursery wants to inspect the health of the plants...

Statistics
Q

Divide and simplify 25b 5b 5b 2 25b 5h

Algebra
Q

Listen I wish to have 12 000 in my account in 5 years to much...

Algebra
Q

A machine can be purchased for $240,000 and used for five years. yielding the following...

Accounting
Q

Kelly Machines reported the following information about two of its machines as of December 31,2023.

Accounting
Q

A 3.250 percent TIPS has an original reference CPI of 180.4. If the current CPI...

Accounting
Q

Which of the following is reported as an investing activity in the statement of cash...

Accounting
Q

Lin Corporation has a single product whose selling price is $140 and whose variable expense...

Accounting
Q

Derek will deposit $2,813.00 per year into an account starting today and ending in year...

Finance