Hoyle Advanced Accounting Powerpoin

till 93% 3:55 pm JewAssignment 2 - Saved .. . On January 1, 2014, Lana Company acquired 80%% of the common stock of ABC Company. The book values of ABC's net assets were equal to the fair value except for Building, which had a fair value of $120,000. At the same date of acquisition the balance sheet for the companies are given below: Lana /B.V ABC /B.V Cash $68,000 $172,000 Note Receivable 288,000 52,000 Equipment 264,000 76,000 Building 136,000 64,000 Net Plant assets 880,000 720,000 Investment in ABC 824,000 Total assets $ 2,460,000 $ 1,084,000 Accounts payable $400,000 $284,000 Capital stock 1,600,000 600,000 Retained earnings 460,000 200,000 Total liabilities & equities $ 2,460,000 $1 084,000 Determine below what the balance at the date of acquisition would be for each of the requested accounts. 1- What the consolidated balance of Building will be reported? a- $340,000 b- $200,000 c- $264,000 d- $256,000 2- What the consolidated balance of Goodwill will be reported? a- $108,800 b- $136,000 c- $147,000 d- $174,000 3- What the consolidated balance of total liabilities will be reported? a- $412,000 b- $556,800 c- $639,200 d- $684,000 4-What the consolidated balance for the noncontrolling interest will be reported? a- $206,000 b- $168,800 c- $196,000 d- $245,000 5-What the consolidated balance for the total assets will be reported? a- $2,940,000 b- $2,950,000 c- $2,460,000 d- $2,244,000 6- What the consolidated balance of total equity will be reported? a- $2,940,000 b- $2,266,000 C $_,060,000 d- $2,244,000