Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 13 (2 points) Listen On January 1, 2023, Rossie Corporation, a public company, acquired 100% of the voting common shares of Mya Inc. At
Question 13 (2 points) Listen On January 1, 2023, Rossie Corporation, a public company, acquired 100% of the voting common shares of Mya Inc. At acquisition, all of Mya's assets and liabilities equal their carrying value except for the following as sets: Inventory Building Patent 2 $475,000 Both companies have an inventory turnover of 45 days. At acquisition, the building had a remaining useful life of 10 years. The patent has a remaining useful life of 5 years. The following are selected account balances from the separate- entity statements for the year ending December 31, 2024. Ros sie $300,000 Carrying value $ 150,000 250,000 $675,000 $575,000 Fair value $ 250,000 450,000 200,000 Inventory Building Patent What amount represents the value of the inventory that would be reported on the consolidated SFP on December 31, 2024? $ 375,000 425,000 275,000 Mya $ 200,000 202,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started