Business, 14.03.2020 02:26, zoebenally4526
McGuire Company acquired 90 percent of Hogan Company on January 1, 2019, for $234,000 cash. This amount is reflective of Hogan’s total acquisition-date fair value. Hogan's stockholders' equity consisted of common stock of $160,000 and retained earnings of $80,000. An analysis of Hogan's net assets revealed the following:
Book Value Fair Value
Buildings (10-year life) $ 10,000 $ 8,000
Equipment (4-year life) 14,000 18,000
Land 5,000 12,000
Any excess consideration transferred over fair value is attributable to an unamortized patent with a useful life of 5 years.
1. In consolidation at January 1, 2019, what adjustment is necessary for Hogan's Equipment account?
Multiple Choice
a. $4,000 increase.
b. $4,000 decrease.
c. $3,600 increase.
d. $3,600 decrease.
e. No adjustment is necessary.
2. In consolidation at December 31, 2020, what adjustment is necessary for Hogan's Equipment account?
Multiple Choice
$2,000 increase.
$2,000 decrease.
$1,800 increase.
$1,800 decrease.
No adjustment is necessary.
Answers: 2
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McGuire Company acquired 90 percent of Hogan Company on January 1, 2019, for $234,000 cash. This amo...
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