13. Based on the above information, what amount would be reported by Brighton as goodwill impairment loss in 2019? *
$10,000
$60,000
$70,000
$280,000
None of the above
In order to reduce the risk associated with a new line of business, Conservative Corporation established Spin Company as a wholly-owned subsidiary. It transferred assets and accounts payable to Spin in exchange for its common stock. Spin recorded the following entry when the transaction occurred:
14. Based on the preceding information, what number of shares of $7 par value stock did Spin issue to Conservative? *
10,000 shares
7,000 shares
8,000 shares
25,000 shares
None of the above
15. Based on the preceding information, immediately after the transfer: *
Conservative's total assets decreased by $23,000
Conservative's total assets decreased by $20,000
Conservative's total assets increased by $56,000
Conservative's total assets remained the same
None of the above
