Question
On May 31, 2020, the current fair values and carrying amounts of Subsidiarys assets and liabilities were equal. Assume that current liabilities amount of the
On May 31, 2020, the current fair values and carrying amounts of Subsidiarys assets and liabilities were equal. Assume that current liabilities amount of the parent company and its subsidiary were $ 350,000 and $ 180,000 respectively. In a consolidated balance sheet of the parent and its subsidiary liabilities amount to be recorded as:
a.
$180,000.
b.
$350,000.
c.
$530,000.
d.
$170,000.
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
27th edition
978-1337272094, 1337272094, 978-1337514071, 1337514071, 978-1337899451
