q1. When a parent acquires 100% of a subsidiary at book value the consolidated balance sheet eliminates Investment accounts and a subsidiary equity accounts

Select one:

True

False

q2. W, Inc. holds 100% of the common stock of C Co,an investment acquired for $680,000.Immediately following the combination,W net assets have a book value of $1,150,000 and a fair value of $1,390,000.The book value and the fair value of C net assets on the date of combination are $400,000 and $530,000, respectively. Immediately following the combination,a consolidated balance sheet is prepared

Based on the information given above, goodwill will be reported in the consolidated balance sheet in the amount of:

Select one:

a. 270,000

b. 150,000

c. 130,000

d. 240,000