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Question 1 Incorrect Mark 0.00 out of 10.00 V Flag question u' Edit question Asset acquisition {fair equals book value) Assume that onJanuary 1, 2013, the investor company issued 4,000 new shares of the investor company's common stock in exchange for all ofthe individually identiable assets and liabilities of the investee company. The investee company qualifies as a business. Fair value approximates book value for all ofthe investee's identiable net assets. The transaction resulted in no goodwill or bargain purchase gain. The following financial statement information is for an investor company and an investee company on January 1, 2013, prepared immediately before this transaction. Book Values Investor lnvestee Receivables 8: inventories $80,032 $40,332 Land 160,000 80,000 Property 8: equipment 180,032 80,332 Total assets $420,032 $200,332 Liabilities $120,032 $64,332 Common stock [$1 par} 16.032 8.33: Additional paidin capital 224,032 120,332 Retained earnings 60.032 8.332 Total liabilities & equity $420,000 $200,000 Net assets $300,032 $136,332 Provide the investor company's balance (i.e., on the investor's books, before consolidation) for an "Investment in lnvestee" account immediately following the acquisition of the investee's net assets: $0 $136,000): $200,000 $300,000 Question 8 Incorrect Mark 0.00 out of 10.00 Tax effects of business combinations (taxable, market value differs from book value) {7 Flag question 0' Edit question Assume that onjanuary 1, 2013, an investor company acquired 100% of the outstanding voting common stock of an investee company in exchange for $150,000. The transaction is a taxable asset acquisition under the Internal Revenue Code. The following financial statement information is for the investor company and the investee company onJanuary 1, 2013, prepared immediately before this transaction. Book Values Investor lnvestee Cu rrent assets $150,000 $80,000 Noncurrent assets 225,000 100,000 Total assets $375,000 $180,000 Liabilities $1 50,000 $80, 000 Common stock ($1 par} 20,000 10,000 Additional paidin capital 130,000 80,000 Retained earnings 75,000 10,000 Total liabilities 8-: equity $375,000 $180,000 Assume that the fair values ofthe investee's net assets approximated the recorded book values of the investee's net assets, except the fair value of the investee's identifiable noncurrent assets is $20,000 higher than book value. In addition, the investee's pretransaction tax bases in its individual net assets approximate their reported book values. This difference relates entirely to taxdeductible items. Assume the marginal tax rate is 40% for the investor and investee. What amount of goodwill should be reported in the investor's consolidated balance sheet prepared immediately after this business combination? $22,000 $30,000 $38,000): $50,000