{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T22:10:01-04:00", "answer_date": "2024-05-28 22:10:01", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1861350", "url": "\/study-help\/questions\/on-january-1-20x9-pirate-corporation-acquired-80-percent-of-1861350", "question_creation_date_js": "2024-05-28T22:10:01-04:00", "question_creation_date": "May 28, 2024 10:10 PM", "meta_title": "[Solved] On January 1, 20X9, Pirate Corporation ac | SolutionInn", "meta_description": "Answer of - On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for $160,000 cash. The f | SolutionInn", "meta_keywords": "january,1,20x9,pirate,corporation,acquired,80,percent,sea-gull,company,s,common", "question_title_h1": " On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for $160,000 cash. The fair value of the noncontrolling interest", "question_title": " On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull", "question_title_for_js_snippet": "On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea Gull Company's common stock for $160,000 cash The fair value of the noncontrolling interest at that date was determined to be $40,000 Data from the balance sheets of the two companies included the following amounts as of the date of acquisition Cash Accounts Receivable Inventory Landi Pirate Corp $ Sea Gull Corp 60,000 S 20,000 80,000 30,000 90,000 40,000 100,000 40,000 Buildings and Equipment 200,000 150,000 Less Accumulated Depreciation) (80,000) (50,000) Investment in Sea Gull Corp Total Assets 160,000 $610,000 $ 230,000 Accounts Payable 110,000 S 30,000 Bonds Payable 95,000 40,000 Common Stock 200,000 40,000 Retained Earnings Total Liabilities and Equity 205,000 120,000 610,000 $ 230,000 At the date of the business combination, the book values of Sea Gull's net assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and land, which had a fair value of $60,000 Based on the preceding information, what amount of total assets will be reported in the consolidated balance sheet prepared immediately after the business combination O $865,000 $825,000 $840,000 O$720,000", "question_description": "\"image", "transcribed_text": "On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for $160,000 cash. The fair value of the noncontrolling interest at that date was determined to be $40,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Cash Accounts Receivable Inventory Landi Pirate Corp. $ Sea-Gull Corp 60,000 S 20,000 80,000 30,000 90,000 40,000 100,000 40,000 Buildings and Equipment 200,000 150,000 Less Accumulated Depreciation) (80,000) (50,000) Investment in Sea-Gull Corp. Total Assets 160,000 $610,000 $ 230,000 Accounts Payable 110,000 S 30,000 Bonds Payable 95,000 40,000 Common Stock 200,000 40,000 Retained Earnings Total Liabilities and Equity 205,000 120,000 610,000 $ 230,000 At the date of the business combination, the book values of Sea-Gull's net assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and land, which had a fair value of $60,000. Based on the preceding information, what amount of total assets will be reported in the consolidated balance sheet prepared immediately after the business combination? O $865,000 $825,000 $840,000 O$720,000", "related_book": { "title": "Cornerstones Of Cost Management", "isbn": "9781305147102, 1285751787, 1305147103, 978-1285751788", "edition": "3rd Edition", "authors": "Don R. Hansen, Maryanne M. Mowen", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/493.jpg", "uri": "\/textbooks\/cornerstones-of-cost-management-3rd-edition-493", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CPW1846C", "uri": "\/textbooks\/s-corporations-the-essential-guide-to-s-corporations-how-to-make-your-business-the-icing-on-the-cake-1st-edition-979-8871027301-233512", "name": "S Corporations The Essential Guide To S Corporations How To Make Your Business The Icing On The Cake", "edition": "1st Edition" }, "question_posted": "2024-05-28 22:10:01", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/total-quality-management\/correction-overproduction-inventory-and-motion-are-all-examples-of-a-1223441", "description": "Correction, overproduction, inventory and motion are all examples of: a. 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