Please complete all of the questions with correct answers. Needed


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Please complete all of the questions with correct answers. Needed by 8AM-11AM Advanced Accounting Chapter 4 Quiz.docx Advanced Accounting Chapter 4 Quiz Please complete all answers! Correctly. 1. For business combinations involving less than 100% ownership be acquirer recognizes and measures all of the following at the acquisition date except: a. Identifiable assets acquired at fair value b. Liabilities assumed and book value c. Goodwill or a gain from a bargain purchase d. Non controlling interests at fair value e. None of these choices are correct 2. When jolt co. acquired 75% of the common stock of Yeltz corp. Yeltz owned land with a book value of $70,000 and a fair value of $100,000. What is the amount of excess land allocation attributed to the controlling interest at the acquisition date? a. $0 b. $30,000 c. $22,500 d. $25,000 e. $17,500 3. Perch Co. acquired 80% of the common stock of float corp. for $1,600,000. The fair value of floats net assets was $1,850,000 and the book value was $1,500,000. The non controlling interest shares of float corp are not actively traded. What is the total amount of goodwill recognized at the date of acquisition? a. $150,000 b. $250,000 c. $0 d. $120,000 e. $170,000 4. Perch Co. acquired 80% of the common stock of Float corp. for $1,650,000 and the book value was $1,500,000. The non controlling interest shares of float corp were no actively traded. What is the dollar amount of fair value over book value differences attributed to Perch at the date of acquisition? a. $120,000 b. $150,000 c. $280,000 d. $350,000 e. $370,000 5. Perch co acquired 80% of the common stock of float corp for $. The fair value of floats net assets was $1,850,000 and the book value was $1,500,000. The non controlling interest shares of float corp are not actively traded. What is the dollar amount of non controlling interests that should appear in a consolidated balance sheet prepared at the date of acquisition? a. $350,000 b. $300,000 c. $400,000 d. $370,000 e. $0 6. Femur co. acquired 70% of the voting common stock of arbor corp on 1/1/2014. During 2014 Arbor had revenues of $2,500,000 and expenses of $2,000,000. The amortization of excess costs allocations totals of $60,000 in 2014. The non controlling interests share of the earnings of arbor corp. is calculated to be: a. $132,000 b. $150,000 c. $168,000 d. $160,000 e. $0 7. Denver co. acquired 80% of the common stock of Haley corp. on September 1 2014. For 2014 Haley recorded revenues of $810,000 and expenses of $630,000. All reflected evenly throughout the year. The annual amount of amortization related to this acquisition was $15,000. What is the effect of including Haley in consolidated net income for 2014? a. $31,000 b. $33,000 c. $55,000 d. $60,000 e. $39,000 8. In measuring non controlling interest at the date of acquisition which of the following would not be indicating of the value attributed to the non controlling interests? a. Fair value based on stock trades of the acquired company b. Subsidiary cash flows discounted to present value c. Book value of subsidiary net assets d. Projections of residual income e. Consideration transferred by the parent company that implies a total subsidiary value 9. When a parent uses there initial value method throughout the year to account for its investment in an acquired subsidiary which of the following statements is true before making adjustments on the consolidated worksheet? a. Parent company net income equals consolidated net income b. Parent company retained earnings equals consolidated retained earnings c. Parent company total assets equals consolidated total assets d. Parent company dividends equal consolidated dividends e. Goodwill needs to be recognized on the parents books 10. When a parent uses the partial equity method throughout the year to account for its investment in an acquired subsidiary which of the following statements is false before making adjustments on the

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