REFERENCE: Ref.03_15
Utah Inc.obtained all of the outstanding common stock of Trimmer Corp.on January 1,2009.At that date,Trimmer owned only three assets and had no liabilities:
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-If Utah paid $264,000 in cash for Trimmer,and the original transaction occurred on January 1,2008 under SFAS 141,what allocation should have been assigned to the subsidiary's Building account and its Equipment account in a December 31,2010 consolidation? The fair value of net assets is $288,000.

Question

REFERENCE: Ref.03_15
Utah Inc.obtained all of the outstanding common stock of Trimmer Corp.on January 1,2009.At that date,Trimmer owned only three assets and had no liabilities:
SHAPE \* MERGEFORMAT
 
-If Utah paid $264,000 in cash for Trimmer,and the original transaction occurred on January 1,2008 under SFAS 141,what allocation should have been assigned to the subsidiary's Building account and its Equipment account in a December 31,2010 consolidation? The fair value of net assets is $288,000.

Quizplus · Accepted Answer

The Answer of REFERENCE: Ref.03_15
Utah Inc.obtained all of the outstanding common stock of Trimmer Corp.on January 1,2009.At that date,Trimmer owned only three assets and had no liabilities:
SHAPE \* MERGEFORMAT
 
-If Utah paid $264,000 in cash for Trimmer,and the original transaction occurred on January 1,2008 under SFAS 141,what allocation should have been assigned to the subsidiary's Building account and its Equipment account in a December 31,2010 consolidation? The fair value of net assets is $288,000.

REFERENCE: Ref.03_15 Utah Inc.obtained All of the Outstanding Common Stock of Trimmer