10 Answer saved Marked out of 0.50 Flag question Perfecto acquires 80% of Sunny for $200,000 on January 1, 2014 when Sunny's equity value was 150,000 with excess of identifiable asset and liabilities as follows: Inventory understated 30,000, which was sold in 2014, Building overstated 20,000, which has 10 years useful life, Liabilities overvalued by 10,000 which was retired in 2014, Any other excess should be assigned to the goodwill. On January 1, 2014, the consolidated financial statements will show Goodwill: Select one: a. $100,000 b. $40,000 Previous page c. $60,000 d. $80,000 Clear my choice Finish attempt 6 Question 9 Answer saved Marked out of 0.50 Flag question Philly Corporation paid $140,000 for a 70% interest in Silly Inc. on January 1, 2014, when Silly had Capital Stock of $50,000 and Retained Earnings of $100,000. Fair values of identifiable net assets were the same as recorded book values. During 2014, Silly had income of $40,000, declared dividends of $15,000, and paid $10,000 of dividends. At what amount should Philly's Investment in Silly account be reported on December 31, 2014? Select one: a. $150,500 b. $175,000 c. $157,500 d. $165,000 Clear my choice Previous page Next page Question 8 Not yet answered Marked out of 0.50 Flag question Panama Company paid $2,500,000 for the net assets of Samanta Corporation. The fair values of Samanta's assets were $3,750,000. Samanta's only non-current assets were land and buildings with book values of $100,000 and $520,000, respectively, and fair values of $180,000 and $730,000, respectively. At what value will the buildings be recorded by Panama? Select one: a. $0 Previous page b. $520,000 c. $210,000 d. $730,000 Clear my choice Next page Question 2 Not yet answered Marked out of 0.50 Flag question Philly Corporation paid $200,000 for an 90% interest in Silly Inc. on January 1, 2014, when Silly had Capital Stock of $50,000 and Retained Earnings of $100,000. Fair values of identifiable net assets were the same as recorded book values. During 2014, Silly had income of $110,000, declared dividends of $40,000, and paid $20,000 of dividends. At what amount should Philly's Investment in Silly account be reported on December 31, 2014? Select one: a. $281,000 b. $270,000 c. $263,000 d. $245,000 unting On January 1, 2014, Palermo Corporation Paid $44,000 to acquire 80% of Sardinia Company's common stock when Sardinia equity book value was $45,000. During 2014, Sardinia reported net income of $12,000 and paid dividends of $4,000. At what amount should noncontrolling interest account be reported on December 31, 20147 Select one: O a $11,000 O b. $10,000 Oc $12,600 d. $12,000 Next page On January 1, 2019, Panama International purchased 80% of Sharkawy Corporation's outstanding shares for $200,000 when Sharkawy had Capital Stock of $100,000 and Retained Earnings of $60,000. On January 1, 2019, the consolidated financial statements will show Goodwill: Select one: Oa. Zero. b. $90,000. c. $40,000. d. $72,000. Clear my choice page Next page