Quiz-2 ACC401 Adv Accounting I

Apr 30th, 2015
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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 balance sheet prepared immediately after the combination?

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ACC401 Adv Accounting I Week 3 Review Test Submission: Quiz 2 Quiz 2 on chapter 3Question 1 2 out of 2 pointsPrinceton 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 balance sheet prepared immediately after the combination?Answer Selected Answer: $650,000Correct Answer: $650,000Question 2 2 out of 2 pointsPine Corp. owns 60% of Sage Corp.'s outstanding common stock. On May 1, 2011, Pine advanced Sage $90,000 in cash, which was still outstanding at December 31, 2011. What portion of this advance should be eliminated in the preparation of the December 31, 2011 consolidated balance sheet?Answer Selected Answer: $90,000.Correct Answer: $90,000.Question 3 2 out of 2 pointsA majority-owned subsidiary that is in legal reorganization should normally be accounted for usingAnswer Selected Answer: the cost method.Correct Answer: the cost method.Question 4 2 out of 2 pointsUnder the acquisition method, indirect costs relating to acquisitions should beAnswer Selected Answer: expensed as incurred.Correct Answer: expensed as incurred.Question 5 2 out of 2 pointsOn the consolidated

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