_ results when one company acquires all the net assets of another company and the acquired company ceases to exist as a separate legal entity. A statutory a. merger. b. consolidation. C. combination. d. acquisition. Princeton Company acquired 75 percent of the common stock of Sheffield Corporation on December 31, 2011. On the date of acquisition, Princeton held land with a book value of $150,000 and a fair value of $300,000; Sheffield held land with a book value of $100,000 and fair value of $500,000. What amount would land be reported in the consolidated bala a. $650,000 b. $500,000 c. $550,000 d. $375,000 When a new corporation is formed to acquire two or more other corporations and the acquired corporations cease to exist as separate legal entities, the result is a statutory o a. consolidation. b.combination. OC. merger. d. acquisition. Assume that on January 1, 2010, P Company acquired 8096 (8,000 shares) of the stock of s Company for $180,000. What is the implied book value of the company? a. 180,000 ob. 225,000 c. 118,400 d. 144,000 Assume that on January 1, 2010, P Company acquired 8096 (8,000 shares) of the stock of Company for $148,000. What is the implied book value of the company? a. 148,000 b. 225,000 c. 118,400 d. 185,000 On January 1, 2011, Primer Corporation acquired 80 percent of Sutter Corporation's voting common stock. Sutters's buildings and equipment had a book value of $300,000 and a fair value of $350,000 at the time of acquisition. At what amount will Sutter's buildings and equipment will be reported in the consolidated statements? a. $340,000 b. $300,000 c. $350,000 d. $280,000