Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

urgent please!! DATA FOR 8 & 9: On July 1, 2015, Cruz Corporation paid $320,000 for all of Marek Company's outstanding common stock. On that

urgent please!!
image text in transcribed
image text in transcribed
DATA FOR 8 & 9: On July 1, 2015, Cruz Corporation paid $320,000 for all of Marek Company's outstanding common stock. On that date, costs and fair values of Marek's recorded assets and liabilities were as follows: Cash and Receivables Inventory Buildings and Equipment (Net) Land Liabilities Net Assets * COST FAIR VALUE $ 50,000 $ 50.000 80,000 95,000 120,000 125,000 100,000 135,000 (100.000) (100.000) $250.000 $305.000 9 Based on the preceding information, what amount should be allocated to goodwill in the consolidated balance sheet, prepared after this business combination? a $15.000 b. $55,000 c. $70,000 d. None of the above For consolidation purposes intercompany receivables and payables are a fully eliminated b. partially eliminated never eliminated answer a orb 10 d me Porn Cominny squired 80 percent ownership of Subsidiary Corporation, sition was equal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cash, Corruption And Economic Development

Authors: Vikram Vashisht

1st Edition

1032096888, 9781032096889

More Books

Students also viewed these Accounting questions

Question

=+ How about one you felt had acted in a hypocritical way?

Answered: 1 week ago