On January 1,2016Penn acquired 100 of Teller The transaction was not a bargain purchase On the acquisition date,it was determined that Teller had internally generated patents with a fair value of $59,534,512that had not been recorded on its financial statements,in accordance with GAAP The patents were estimated to have a remaining useful life of 15years as of the acquisition date What amount should be reported on Teller's consolidated financial statements as of 12 31 2021 forthese patents Sanders acquired 100 of Clinton on January 1,2017 The transaction was not a bargain purchase On the date of the acquisition,Clinton's Building account had a net book value of 2,814,988 and a fair value of 3,794,681 As of 1 1 2017, Clinton's buildings have a remaining life of 10 years and are depreciated on a straight line basis with no salvage value When preparing Sanders' consolidated financial statements for 2017,what AAP adjustment must be made for Depreciation expense Koch acquired 100 of O'Bannon on January 1, 2016 The transaction wasnot a bargain purchase Ontheacquisitiondate,O'Bannon's Inventory had a book value of 41,795 and a fair value of 42,662 No intercompany inventory transaction occurred during 2016 Koch and O'Bannon both use the FIFO inventory cost flow assumption O'Bannon's inventory turns over approximately 10 times per year What AAP adjustment to Cost of Goods Sold must be made when preparing Koch's consolidated financial statements for 2016 On January 1,2016Ringling acquired 100 ofTrump 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 2020was 57,250 and the book value was 64,864 For simplicity,discounts on Notes receivable are amortized on astraight line basis What AAP adjustment must be made to the Interest Incomeaccount when preparingRingling's income statement for2018 On January 1, 2017 Preibus acquired 100 of Spicer This acquisition was not a bargain purchase On the date of acquisition, Spicer's Equipment had a net book value of 1,600,000 and a fair value of 1,420,848 Preibus determined that Spicer's equipment had a remaining life of 5 years at the date of acquisition What is the consolidation adjustment (in addition to adding the two trial balance amounts together) that must be made to the Equipment account when preparing consolidated statements for Preibus as of 12 31 2017 Bidenacquired 100 of Cain on January 1, 2016 for $3,939,211 The book value of the net assets of Cain on the acquisition date was $1,292,961 Differences between the fair value of identifiable net assets and the book value were determined to total $297,399 Bidenfollows a practice of amortizing its intangible assets over 15 years Assume there has been no impairment of goodwill since the acquisition What amount of Goodwill shouldBidenrecognize on its consolidated financial statements as of 12 31 2020 On January 1,2016Ringling acquired 100 ofTrump The transaction was not a bargain purchase On the date of the acquisition,the fair value of the Trump's Notes Payable due 12 31 2020was 56,758 and the book value was 57,848 For simplicity,discounts on Notes payable are amortized on astraight line basis What AAP adjustment must be made to the Notes Payable account when preparingRingling's consolidated balance sheet as of 12 31 2018 Madiganacquired 100 of Rauneron January 1, 2016 for $1,031,952 During 2016, Madiganreported $199,879 of net income and declared and paid $20,523 in dividends There was no AAP involved in the transaction Madiganuses the equity method of accounting to report its Investment in Rauner on its standalone financial statements What amount should Madiganreport for its Investment in Rauneron its consolidated balance sheet as of 12 31 2016 Koch acquired 100 of O'Bannon on January 1, 2016 The transaction wasnot a bargain purchase Ontheacquisitiondate,O'Bannon's Inventory had a book value of 49,497 and a fair value of 49,688 No intercompany inventory transaction occurred during 2016 Koch and O'Bannon both use the FIFO inventory cost flow assumption O'Bannon's inventory turns over approximately 10 times per year What adjustment to Inventory must be made when preparing Koch's consolidated financial statements as of 12 31 2016 On July1,2016,Schumeracquired100 of Mitchell The transaction was not a bargain purchase On December 31, 2016 the balance of Schumer'sCommon stock account was $ 187,865 and the balance of Mitchell's Common stock account was $ 79,971 What amount must be reported on the Schumer'sconsolidated balance sheet as of 12 31 2016

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On January 1,2016Penn acquired 100% of Teller.The transaction was not a bargain purchase.On the acquisition date,it was determined that Teller had internally-generated patents with a

On January 1,2016Penn acquired 100% of Teller.The transaction was not a bargain purchase.On the acquisition date,it was determined that Teller had internally-generated patents with a fair value of $59,534,512that had not been recorded on its financial statements,in accordance with GAAP.The patents were estimated to have a remaining useful life of 15years as of the acquisition date.What amount should be reported on Teller's consolidated financial statements as of 12/31/2021 forthese patents?
Sanders acquired 100% of Clinton on January 1,2017.The transaction was not a bargain purchase.On the date of the acquisition,Clinton's Building account had a net book value of 2,814,988 and a fair value of 3,794,681.As of 1/1/2017, Clinton's buildings have a remaining life of 10 years and are depreciated on a straight-line basis with no salvage value.When preparing Sanders' consolidated financial statements for 2017,what AAP adjustment must be made for Depreciation expense?
Koch acquired 100% of O'Bannon on January 1, 2016.The transaction wasnot a bargain purchase.Ontheacquisitiondate,O'Bannon's Inventory had a book value of 41,795 and a fair value of 42,662.No intercompany inventory transaction occurred during 2016. Koch and O'Bannon both use the FIFO inventory cost flow assumption.O'Bannon's inventory turns over approximately 10 times per year. What AAP adjustment to Cost of Goods Sold must be made when preparing Koch's consolidated financial statements for 2016?
On January 1,2016Ringling acquired 100% ofTrump.The transaction was not a bargain purchase.One the date of the acquisition,the fair value of the Trump's Notes Receivable due 12/31/2020was -57,250 and the book value was -64,864.For simplicity,discounts on Notes receivable are amortized on astraight-line basis. What AAP adjustment must be made to the Interest Incomeaccount when preparingRingling's income statement for2018?
On January 1, 2017 Preibus acquired 100 % of Spicer.This acquisition was not a bargain purchase.On the date of acquisition, Spicer's Equipment had a net book value of 1,600,000 and a fair value of 1,420,848.Preibus determined that Spicer's equipment had a remaining life of 5 years at the date of acquisition.What is the consolidation adjustment (in addition to adding the two trial balance amounts together) that must be made to the Equipment account when preparing consolidated statements for Preibus as of 12/31/2017?
Bidenacquired 100% of Cain on January 1, 2016 for $3,939,211.The book value of the net assets of Cain on the acquisition date was $1,292,961.Differences between the fair value of identifiable net assets and the book value were determined to total $297,399.Bidenfollows a practice of amortizing its intangible assets over 15 years. Assume there has been no impairment of goodwill since the acquisition. What amount of Goodwill shouldBidenrecognize on its consolidated financial statements as of 12/31/2020?
On January 1,2016Ringling acquired 100% ofTrump.The transaction was not a bargain purchase.On the date of the acquisition,the fair value of the Trump's Notes Payable due 12/31/2020was -56,758 and the book value was -57,848.For simplicity,discounts on Notes payable are amortized on astraight-line basis. What AAP adjustment must be made to the Notes Payable account when preparingRingling's consolidated balance sheet as of 12/31/2018?
Madiganacquired 100% of Rauneron January 1, 2016 for $1,031,952.During 2016, Madiganreported $199,879 of net income and declared and paid $20,523 in dividends. There was no AAP involved in the transaction.Madiganuses the equity method of accounting to report its Investment in Rauner on its standalone financial statements.What amount should Madiganreport for its Investment in Rauneron its consolidated balance sheet as of 12/31/2016?
Koch acquired 100% of O'Bannon on January 1, 2016.The transaction wasnot a bargain purchase.Ontheacquisitiondate,O'Bannon's Inventory had a book value of 49,497 and a fair value of 49,688.No intercompany inventory transaction occurred during 2016. Koch and O'Bannon both use the FIFO inventory cost flow assumption.O'Bannon's inventory turns over approximately 10 times per year. What adjustment to Inventory must be made when preparing Koch's consolidated financial statements as of 12/31/2016?
On July1,2016,Schumeracquired100% of Mitchell.The transaction was not a bargain purchase. On December 31, 2016 the balance of Schumer'sCommon stock account was $-187,865 and the balance of Mitchell's Common stock account was $-79,971.What amount must be reported on the Schumer'sconsolidated balance sheet as of 12/31/2016?