for ((R)) Protec Company acquired 75% of Sussex Company's voting stock for $30,000 in...
80.2K
Verified Solution
Link Copied!
Question
Accounting
for ((R))
Protec Company acquired 75% of Sussex Company's voting stock for $30,000 in cash. The noncontrolling interest had an estimated fair value of $9,500. Some of Sussex's identifiable assets and liabilities at the date of acquisition had fair values that were different from reported values, as follows: Book Value Fair Value Property, net $ 2,000 $ 7,000 Identifiable intangibles 0 20,000 Sussex's total shareholders' equity at the date of acquisition was as follows: Capital stock Retained earnings Accumulated other comprehensive income Total $ 1,000 3,000 100 $ 4,100 On a date-of-acquisition consolidation working paper, eliminating entry (R) credits Investment in Sussex in the amount of Select one: A. $25,000 B. $29,150 O O C. $18,750 O D. $26,925
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: Flex AI - Your personal assistant for all your inquiries!
for ((R))