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Question - Molina Company acquires 100% of the stock of Hitachi Corporation on January 1, 2016, for $2,280,000 cash. As of that date Santiago had the following account balances:
Book Value
Fair value
Cash
$220,000
Accounts receivable
360,000
Inventory
480,000
$ 540,000
Building-net (10 year life)
900,000
720,000
Equipment-net (5 year life)
600,000
750,000
Land
540,000
780,000
Accounts Payable
240,000
Bonds Payable ($500,000 face value)
1,000,000
(Due 12/31/19)
1,020,000
Common stock
Additional paid-in capital
Retained earnings
In 2016 and 2017, Hitachi had net income of $100,000 and 108,000, respectively. In addition, Hitachi paid dividends of $27,000 in both years. Inventory is assumed to be sold in 2016.
1. Compute the AAP amortization for 2016.
a. $67,000
b. $53,000
c. $ 7,000
d. $77,000
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