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Problem
Watkins, Inc. acquires all of the outstanding stock of Glen Corporation on January 1, 2012. At that date, Glen owns only three assets and has no liabilities:
Book Value Fair value
Inventory (FIFO method) $ 40,000 $ 50,000
Equipment(10 Year life) 80,000 75,000
Building(20 Year life) 200,000 300,000
If Watkins pays $ 450,000 in cash for Glen, at what amount would Glen's inventory acquired be represented in a December 31, 2012 consolidated balance sheet?
0 $ 10,000
0 $ 0
0 $ 90,000
0 $ 40,000
0 $ 50,000
What is the deferred tax liability at December 31, 2012 (rounded to the nearest whole dollar)?a. $ 7,000b. $33,330c. $11,667d. $ 4,667
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