Question
On January 1, 2016 Ringling acquired 100% of Trump. The transaction was not a bargain purchase. One the date of the acquisition, the fair value
On January 1, 2016 Ringling acquired 100% of Trump. The transaction was not a bargain purchase. One the date of the acquisition, the fair value of the Trump's Notes Receivable due 12/31/2020 was 169,000 and the book value was 156,000. For simplicity, discounts on Notes receivable are amortized on a straight-line basis.
What AAP adjustment must be made to the Interest Income account when preparing Ringling's income statement for 2018 ?
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Auditing In The Food Industry From Safety And Quality To Environmental And Other Audits
Authors: M Dillon, C Griffith
1st Edition
1855734508, 978-1855734500
