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On January 1, 2014, Punch Corporation purchased 80% of the common stock of Soopy Co. Separate balance sheet data for the companies at the acquisition date (after the acquisition) are given below:

-What is the amount of total assets?
A)$1,380,000
B)$1,402,000
C)$1,470,000
D)$1,875,000

Question

Use the following information to answer question(s) below.

On January 1, 2014, Punch Corporation purchased 80% of the common stock of Soopy Co. Separate balance sheet data for the companies at the acquisition date (after the acquisition) are given below:
 
-What is the amount of total assets?
A)$1,380,000 
B)$1,402,000 
C)$1,470,000 
D)$1,875,000

Quizplus · Accepted Answer

Total assets are calculated by adding up all the assets a company owns. Without specific details on the assets owned by the company, it's impossible to provide a rationale for the correct answer. The correct answer must be based on provided financial data or a specific calculation method, which is not given in this context.

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