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Penrose Corporation acquired 80% of the votingstock of Speedy...

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Accounting

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Penrose Corporation acquired 80% of the votingstock of Speedy Company several years ago. There were no revaluations of Speedy's identifiable net assets, and the excess of acquisition cost over Speedy's book value was attributed entirely to goodwill. Some information for 2021: 14, 1. Consolidated depreciation expense was $400, and the goodwill impairment loss was $30 2. Plant assets with an original cost of $300 were sold for $20. 3. Penrose declared and paid $50 in cash dividends. 4. Speedy declared and paid $10 in cash dividends. On the consolidated statement of cash flows for 2021, total cash dividends paid is: A) $50 B) $52 C) $10 D) $40 The 15. Python acquires 80% of the voting stock of Slither on January 1, 2020 for $4,000. fair value of the noncontrolling interest is $950. acquisition is as follows: Slither's balance sheet at the date of Book Value Dr (Cr) $5,000 Fair Value Dr (Cr S6,5 Tangible assets dentifiable intangibles Liabilities Capital stock Retained earnings (600 (1,400 The gain on acquisition is: A) 550 B) $1,500 C) S 600 D) S 750

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