Paar Corporation bought 100 percent of Kimmel, Inc., on January 1, 2018. On that date,...
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Paar Corporation bought 100 percent of Kimmel, Inc., on January 1, 2018. On that date, Paars equipment (10-year remaining life) has a book value of $420,000 but a fair value of $520,000. Kimmel has equipment (10-year remaining life) with a book value of $272,000 but a fair value of $400,000. Paar uses the equity method to record its investment in Kimmel. On December 31, 2020, Paar has equipment with a book value of $294,000 but a fair value of $445,200. Kimmel has equipment with a book value of $190,400 but a fair value of $357,000. What is the consolidated balance for the Equipment account as of December 31, 2020? Multiple Choice $612,600 $574,000 $802,200 $484,400
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