Suppose that you worked for Sonic Inc.and you were only made aware of the Business Combination after it had taken place and been accounted for.You have been handed the balance sheets of both companies as well as the following draft Balance Sheet prepared on that date:
Required:
What can be concluded about the accounting of this Business Combination?

Question

Suppose that you worked for Sonic Inc.and you were only made aware of the Business Combination after it had taken place and been accounted for.You have been handed the balance sheets of both companies as well as the following draft Balance Sheet prepared on that date:  
Required:
What can be concluded about the accounting of this Business Combination?

Quizplus · Accepted Answer

The Answer of Suppose that you worked for Sonic Inc.and you were only made aware of the Business Combination after it had taken place and been accounted for.You have been handed the balance sheets of both companies as well as the following draft Balance Sheet prepared on that date:  
Required:
What can be concluded about the accounting of this Business Combination?

Suppose That You Worked for Sonic Inc