A gain on acquisition of the subsidiary ________.

None of these statements is correct.

is recorded for the parent always and can be recorded for the non-controlling interest in certain cases

can be recorded only when the parent acquires 100% of the subsidiary (i.e., when there is no non-controlling interest)

is recorded for both the parent and non-controlling interest

2. Which of the following is true about the Determination and Distribution Schedule?

a. It is prepared once only on the date of acquisition and used to prepare the consolidation entries in the following periods.

b. All of these are true.

c. It measures the excess of the fair value of the subsidiary over the fair value of net identifiable assets

d. It determines the value of goodwill or gain on an acquisition that should be recorded by the parent