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1. K a calendar year corporation, acquires 70% of George Company on September 1,2019, and eef nc an additional 10% on January 1, 2020. Total annual amortization of$6,000 relates to the first acquisition. George reports the following figures for 2020: Revenues Expenses Retained earnings, 1/1/20 Dividends paid Common stock $500,000 400,000 300,000 50,000 200,000 Without regard for this investment, Keefe independently earns $300,000 in net income during 2020. All net income is earned evenly throughout the year What is the controlling interest in consolidated net income for 2020? A) $380,000 B) $375,200. C) $375,800. D) $376,000. E) S400,000. McGuire Company acquired 90 percent of Hogan Company on January 1, 2019, for $234,000 cash. This amount is reflective of Hogan's total acquisition-date fair value. Hogan's stockholders' equity consisted of common stock of $160,000 and retained earnings of $80,000. An analysis of Hogan's net assets revealed the following: Buildings (10-year life) Equipment (4-year life) Land Book Value $10,000 14,000 5,000 Fair Value $ 8,000 18,000 12,000 Any excess consideration transferred over fair value is attributable to an unamortized patent with a useful life of 5 years. 2. The acquisition value attributable to the noncontrolling interest at January 1, 2019 is: A) $23,400 B) $24,000. C) $24,900. D) $26,000. E) $20,000. 3. In consolidation at January 1, 2019, what adjustment is necessary for Hogan's Buildings account? A) $2,000 increase. B) $2,000 decrease. C) $1,800 increase. D) $1,800 decrease. E) No change. 4. In consolidation at December 31, 2019, what adjustment is necessary for Hogan's Buildings account? A) $1,620 increase B) $1,620 decrease. C) $1,800 increase. D) $1,800 decrease. E) No adjustment is necessary. 5. In consolidation at December 31, 2020, what adjustment is necessary for Hogan's Buildings account? A) $1,440 increase. B) S1,440 decrease. C) $1,600 increase. D) $1,600 decrease. E) No adjustment is necessary. 6. In consolidation at January 1, 2019, what adjustment is necessary for Hogan's Equipment account? A) $4,000 increase. B) $4,000 decrease. C) $3,600 increase. D) $3,600 decrease. E) No adjustment is necessary 7 In consolidation at December 31, 2019, what adjustment is necessary for Hogan's Equipment account? A) $3,000 increase. B) $3,000 decrease. C) $2,700 increase. D) $2,700 decrease E) No adjustment is necessary 8. In consolidation at December 31, 2020, what adjustment is necessary for Hogan's Equipment account? A) $2,000 increase. B) $2,000 decrease. C) $1,800 increase. D) $1,800 decrease. E) No adjustment is necessary 9. On November 8, 2018, Power Corp. sold land to Wood Co, its wholly owned subsidiary,.Th cost $61,500 and was sold to Wood for $89,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized? A) Proportionately over a designated period of years. B) When Wood Co. sells the land to a third party C) No gain may be recognized D) As Wood uses the land. E) When Wood Co. begins using the land productively. 10 How would consolidated cost of goods sold have differed if the inventory transfers had been for the same amount and cost, but from Stendall to Edgar? A) Consolidated cost of goods sold would have remained $2,140,000. B) Consolidated cost of goods sold would have been more than $2,140,000 because of the controlling interest in the subsidiary C) Consolidated cost of goods sold would have been less than $2,140,000 because of the noncontrolling interest in the subsidiary D) Consolidated cost of goods sold would have been more than $2,140,000 because of the noncontrolling interest in the subsidiary E) The effect on consolidated cost of goods sold cannot be predicted from the information provided. 11. How would net income attributable to the noncontrolling interest be different if the transfers had been for the same amount and cost, but from Stendall to Edgar? A) Net income attributable to the noncontrolling interest would have decreased by $6,000. B) Net income attributable to the noncontrolling interest would have increased by $24,000. C) Net income attributable to the noncontrolling interest would have increased by $20,000. D) Net income attributable to the noncontrolling interest would have decreased by $18,000. E) Net income attributable to the noncontrolling interest would have decreased by $56,000. 12. On January 1, 2018, Race Corp. acquired 80% of the voting common stock of Gallow Inc. During the year, Race sold to Gallow for $450,000 goods that cost $330,000. At year-end, Gallow owned 15% of the goods transferred. Gallow reported net income of $204,000, and Race's net income was $806,000. Race decided to use the equity method to account for this investment. Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, what was the net income attributable to the noncontrolling interest? A) S 3,600. B) $22,800. C) $30,900. D) $32,900. E) $40,800 13 Webb Co. acquired 100% of Rand Inc. on January 5, 2018. During 2018, Webb sold goods to Rand for $2,400,000 that cost Webb $1,800,000. Rand still owned 40% of the goods at the end of the year. Cost of goods sold was $10,800,000 for Webb and $6,400,000 for Rand. What was consolidated cost of goods sold? A) $17,200,000. B) $15,040,000. C) $14,800,000. D) $15,400,000. E) $14,560,000