Business, 10.12.2021 20:40, sreeranjanig

On 12/31/Year 1 Passey Co. acquired a 100% interest inSolomon Co. by exchanging 10000 shares of its common stock for100000 shares of Solomons common stock. The fair market value ofPasseys common stock on December 31 Year 1 was $9 per share andthe fair value of Solomons was $3.50 per share. Additional information as of December 31 Year 1 is as follows: Solomon Co.
Book Values Fair Values
Current assets $115000 $115000
Plant assets 200000 255000
Liabilities 10000 10000
Passey Co. Plant assets$1700000 $1800000
Passeys consolidated financial statements as of December 31 Year1 would report plant assets at:.
i. $1700000
ii. $1800000
iii. $1955000
iv. $2055000

Answers: 3

Show answers

Other questions on the subject: Business

Business, 21.06.2019 14:40, aliviafrancois2000

Castillo corporation, a manufacturer, reports costs for the year as follows: direct materials used $735,000 wages to line workers 510,000 office rent 26,000 indirect materials used 700,000how much is the total period costs for castillo? $735,000 $510,000 $26,000 $700,000

Answers: 3

continue

Business, 22.06.2019 10:30, jlankford148

What type of budget is stated? a budget is a type of financial report that scrutinizes the inflow and outflow of money in a given financial year.

Answers: 1

continue

Business, 22.06.2019 12:40, hardwick744

Acompany has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. experience suggests that 6% of outstanding receivables are uncollectible. the current credit balance (before adjustments) in the allowance for doubtful accounts is $1,200. the journal entry to record the adjustment to the allowance account includes a debit to bad debts expense for $4,800. true or false

Answers: 3

continue

Business, 22.06.2019 17:50, pickles3233

The management of a supermarket wants to adopt a new promotional policy of giving a free gift to every customer who spends > a certain amount per visit at this supermarket. the expectation of the management is that after this promotional policy is advertised, the expenditures for all customers at this supermarket will be normally distributed with a mean of $95 and a standard deviation of $20. if the management wants to give free gifts to at most 10% of the customers, what should the amount be above which a customer would receive a free gift?

Answers: 1

continue

Do you know the correct answer?

On 12/31/Year 1 Passey Co. acquired a 100% interest inSolomon Co. by exchanging 10000 shares of its...