The courts do not allow a person who claims to have been victimized by a misrepresentation to cancel the contract unless he or she can show some detriment as a result of the misrepresentation.
Answer the following statement true (T) or false (F)
True
You might also like to view...
The allocation of a plant asset's cost to expense over its useful life is called ________
A) residual value B) book value C) accrued revenue D) depreciation
The sum of all previous probabilities up to the current probability is the ________
A) cumulative probability B) conditional probability C) marginal probability D) prior probability E) posterior probability
One reason for using credit is as a shopping convenience
Indicate whether the statement is true or false
On January 1, 20X7, Pisa Company acquired 80 percent of Siena Company by purchasing 40,000 shares of Siena's common stock. There was no differential related to this transaction. The noncontrolling interest had a fair value equal to 20 percent of book value. The book value of Siena on December 31, 20X7 was as follows: Common Stock ($10 par value)$500,000 Retained Earnings 350,000 Total$850,000 On January 1, 20X8, Pisa purchased an additional 12,500 shares directly from Siena for $25 per share.Based on the preceding information, by what amount did the Investment in Siena account change?
A. Increase of $296,500 B. Increase of $64,000 C. Decrease of $64,000 D. Decrease of $296,500