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Questions -
Q1. Par Inc purchased 68.77% of Sub Corp's total outstanding voting shares for $218,967 on January 1, Year 3. The carrying value of Sub's identifiable net assets was $187,686 on that date. All of Sub's assets and liabilities had their fair values and carrying values the same, except for a Patent whose fair value was $31,282 higher on the date of acquisition. On the next day, Par sold 8.13% of its Sub shares on the open market for $36,131. What is the amount of Goodwill arising from the acquisition on January 1?
a. $200,547
b. $216,380
c. $211,102
d. $205,824
e. $195,269
Q2. Par owns 92.09% of Sub Corp. Par sold depreciable assets to Sub on January 1, Year 3, at a before-tax gain of $51,179. On January 1, Year 4, Sub sold depreciable assets to Par at a before-tax gain of $102,359. Both assets are being depreciated over ten (10) years. The tax rate for both companies is 32.67%. How much after-tax intercompany gain or loss was realized during Year 4 from Sub's sale of assets to Par in Year 4?
a. $4,726
b. $4,396
c. $4,506
d. $4,616
e. $4,836
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