In an acquisition where 100% control is acquired, how would the land accounts of the parent and the land accounts of the subsidiary be reported on consolidated financial statements? ParentSubsidiaryA)Book ValueBook ValueB)Book ValueFair ValueC)Fair ValueFair ValueD)Fair ValueBook ValueE)CostCost
A. Option A.
B. Option E.
C. Option D.
D. Option C.
E. Option B.
Answer: E
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An investor buys a stock for $1,200 at the beginning of a year. The stock pays him a dividend of $150 over the year, and the worth of the stock appreciates by $300 at the end of the year. If the annual rate of inflation is 6%, what is the loss in principal value due to inflation?
A. $18 B. $27 C. $72 D. $247.5
There are systematic processes that the auditor can use in making most of the complex judgments in the financial statements
a. True b. False Indicate whether the statement is true or false
Because of artificial intelligence, jobs may go away but there will be new types of jobs for humans as long as companies and individuals participate in ________.
A. retooling B. startups C. project management D. the dot-com boom E. reorganization process
Wang's Corporation applies overhead based upon machine-hours. Budgeted factory overhead was $325,000 and budgeted machine-hours were 13,000. Actual factory overhead was $312,330 and actual machine-hours were 12,660. Before disposition of over- or underapplied overhead, the cost of goods sold was $725,000 and ending inventories were as follows: WIP$150,000 Finished goods 375,000 Total$525,000 Required:a. Compute the amount of overhead applied to production.b. Prepare the journal entry to dispose of the over/underapplied overhead using the write-off to cost of goods sold approach.c. Prepare the journal entry to dispose of the over/underapplied overhead using the proration approach.
What will be an ideal response?