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Force on of Certified Public Accountants (AICPA, 1.c., available from the University of Mississippi Libraries AICPA...


Force on of Certified Public Accountants (AICPA, 1.c., available from the University of Mississippi Libraries AICPA Historica
Force on of Certified Public Accountants (AICPA, 1.c., available from the University of Mississippi Libraries AICPA Historical Collection: http://clio, lib.olemiss.edu/cdm/ref/collection/acid/10166, Sunna the arguments for and against pushdown accounting that are included in the report. Assignments with the logo in the margin are available in San Coure. See the Preface of the book for details. MULTIPLE CHOICE alus ned to Use the following facts for Multiple Choice problems 24 through 27 (each question is independent of the others): Assume on January 1, 2019 an investor company paid $1,980 to an investee company in exchange for the following assets and liabilities transferred from the investee company: Estimated Fair Value Asset (Liability) Production equipment Factory Licenses $500 Воо hem? 700 values t. The that, if handle the In addition, the investor provided to the seller contingent consideration with a fair value of $200 and the investor paid an additional $80 of transaction costs to an unaffiliated third party. The contingent consideration is not a derivative financial instrument. The fair values are measured in accordance with FASB ASC 820: Fair Value Measurement 24. Acquiring net assets that do not constitute a business LOI Assume the net assets transferred from the investee do not qualify as a "business," as that term is de fined in FASB ASC Master Glossary. At what amount will the Licenses be reported in the financial statements of the acquiring company on January 1, 2019 $700 b. $721 $763 d. $791 25. Acquiring net assets that do not constitute a business LO1 Assume the net assets transferred from the investee do not qualify as a "business," as that term is de- fined in FASB ASC Master Glossary. At what amount will Goodwill be reported in the financial state- ments of the acquiring company on January 1, 2019 SO b. S 20 $ 60 d. $180 26. Aequiring net assets that constitute a business LO1 Assume the net assets transferred from the investee qualify as a "business," as that term is defined in FASB ASC Master Glossary. At what amount will the Licenses be reported in the financial statements of the acquiring company on January 1, 2019? $791 b. S763 $700 d. $693 ates As I the ntry be
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