Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 20x9, pirate corporation acquired 80

On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for...

70.2K

Verified Solution

Question

Accounting

image
image
On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for $160,000 cash. The fair value of the noncontrolling interest at that date was determined to be $40,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition; At the date of the business combination, the book values of Sea-Gull's net assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and land, which had a fair value of $60,000, lased on the preceding information, what amount of total inventory will be reported in the consolidated balance sheet prepared immediotely after the usiness combination? Based on the preceding information, what amount of total inventory will be reported in the consolidated balance sheet prepared immediately after the business combination? Multiple Choice $130,000 $135,000 590,000 $45,000

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!
Become a Member

Other questions asked by students

Q

Whenever a photon is emitted by hydrogen atom in Balmer series it is followed by...

Physics
Q

Suppose that an 85.0gram laboratory animal ingested 10.0mg of a substance that contained 2.50% by mass...

Chemistry
Q

According to the American Heart Association in 2016 which type of cardiovascular disease was most...

Biology
Q

4 The phase difference between the two given waves is Y a sin ot 2...

Physics
Q

9 The coefficient of variation expressed as a percent is used to describe the standard...

Statistics
Q

he graph from the US Department of Energy shows how driving speed affects gas mileage...

Calculus
Q

Let g(v) = 4e^v / v-9Determine g'(v)g'(v) =

Calculus
Q

Use the given function f to answer parts a through f below f x In...

Algebra
Q

I have a balance sheet with these items listed: ...

Accounting
Q

During 2014, Raines Umbrella Corp. had sales of $683,715. Cost of goods sold, administrative and...

Accounting
Q

Bergamo Bay's computer system generated the following trial balance on December 31, 2019. The company's...

Accounting
Q

Henrietta, the owner of a very successful hotel chain in the Southeast, is exploring the...

Accounting