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\nVisit Below Link, To Download This Course:\n\nhttps://www.tutorialsservice.net/product/acct-405-week-5-quiz-latest/\n\nOr \nEmail us on\nSUPPORT@TUTORIALSSERVICE.NET\n\nACCT 405 Week 5 Quiz Latest\nACCT405\nACCT 405 Week 5 Quiz Latest\nQuestion 1 (TCO 3)\nParent sold land to its subsidiary for a gain in 20×1. The subsidiary sold the land externally for a gain in 20×3. Which of the following statements is true?\n• A gain will be reported on the consolidated income statement in 20×1.\n• A gain will be reported on the consolidated income statement in 20×3.\n• No gain will be reported on the 20×3 consolidated income statement.\n• Only the parent company will report a gain in 20×3.\n• The subsidiary will report a gain in 20×1.\n

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acct 405 week 5 quiz latest

ACCT 405 WEEK 5 QUIZ LATEST

Visit Below Link, To Download This Course:

https://www.tutorialsservice.net/product/acct-405-week-5-quiz-latest/

Or

Email us on

SUPPORT@TUTORIALSSERVICE.NET

ACCT 405 Week 5 Quiz Latest

ACCT405

ACCT 405 Week 5 Quiz Latest

Question 1 (TCO 3)

Parent sold land to its subsidiary for a gain in 20×1. The subsidiary sold the land externally for a gain in

20×3. Which of the following statements is true?

A gain will be reported on the consolidated income statement in 20×1.

A gain will be reported on the consolidated income statement in 20×3.

No gain will be reported on the 20×3 consolidated income statement.

Only the parent company will report a gain in 20×3.

The subsidiary will report a gain in 20×1.

Question 2 (TCO 3)

During 20×1, Vonsamek Co. sold inventory to its wholly owned subsidiary, Link Co. The inventory cost

$30,000 and was sold to Link for $44,000. From the perspective of the combination, when is the $14,000

gain realized?

When the goods are sold to a third party by Link

When Link pays Vonsamek for the goods

When Vonsamek sold the goods to Link

When the goods are used by Link

Question 3 (TCO 3)

pop co owns 80 of cool co common stock par value

Pop Co. owns 80% of Cool Co., common stock par value $10. On January 1, 20×1, Cool Co. issued

10,000 additional shares of common stock for $35 per share. Pop Co. acquired 8,000 of these shares.

How would this transaction affect the additional paid-in capital of the parent company?

Increase it by $28,700

Increase it by $200,000

$0

Increase it by $280,000

Increase it by $250,000

Question 4 (TCO 3)

Where do dividends paid to the noncontrolling interest of a subsidiary appear on a consolidated statement

of cash flows?

Cash flows from operating activities

Cash flows from investing activities

Cash flows from financing activities

Supplemental schedule of noncash investing and financing activities

Not on the consolidated statement of cash flows

Question 5 (TCO 3)

During 20×1, Play Inc. acquired 100% of Stray Inc. by issuing 250,000 shares of its common stock. The

acquisition was announced on March 31, 20×1, when Play’s common stock was selling for $45 per share,

and finalized on October 15, 20×1, when the market price of Play’s common stock was $50 per share. On

October 15, 20×1, Stray’s net assets had a book value of $10,750,000. Book value equaled fair value for

all recognized assets and liabilities, except land, which had a fair value $500,000 higher than book value.

Stray also had unpatented technology with a fair value of $225,000 and in-process research and

development with a fair value of $365,000. Which is the goodwill to be reported on Play Inc.’s December

31, 20×1, balance sheet under U.S. GAAP?

$500,000

$660,000

$1,250,000

$1,750,000

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