During 2005, eBay acquired 100% of four different companies as follows (assume all companies have a December
Question:
During 2005, eBay acquired 100% of four different companies as follows (assume all companies have a December 31 year-end). Net income amounts are stated in thousands of dollars; assume that the net income is earned uniformly throughout the year 2005.
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Required:
A. How much of the income earned by each of these companies will be recorded in consolidated net income in the year of acquisition?
B. In addition to reported earnings for the year of acquisition, GAAP requires certain proforma earnings disclosures for the consolidated entity. What amount of earnings fromeach of these acquisitions would be included in proforma earningsdisclosures?
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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A Income is only recognized on the parents books from the date of acquisition Company Acquired Date ...View the full answer
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