Corporations are legal entities that are due all of the same constitutional protections due to real persons
a. True
b. False
Indicate whether the statement is true or false
False
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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 ValueBuildings (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.?In consolidation at January 1, 2019, what adjustment is necessary for Hogan's Buildings account?
A. $2,000 increase. B. $1,800 decrease. C. $1,800 increase. D. $2,000 decrease. E. No change.
The Food, Drug and Cosmetic Act of 1938 expanded the FDA's powers to include the power to allow it to do which of the following:
a. prohibit false advertising of drugs b. regulate costs of essential food items c. require quotas of essential food items to be produced d. require quotas of essential drugs to be produced e. all of the other specific choices are correct
Jessie is happy with his 7-year old car, but he is thinking of switching auto insurance carriers. His agent said the car was in model class A and that he would be assigned to driver class 3. For comparison with his current policy, he wants a price quote for 50/100/50 liability coverage, $500 deductible collision and $100 deductible comprehensive. Based on the tables in the book, what would be his
total premium if he lives in territory 2 and has a rating factor of 1.3? A) $309.98 B) $306.00 C) $355.24 D) $397.80
Augusta Company reported that its bonds with a face value of $40,000 and a carrying value of $42,400 are retired for $44,800 cash. The amount to be reported under cash flows from financing activities is:
A. $0; this is an operating activity. B. ($2,400). C. ($44,800). D. ($42,400).