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Question - Huey Company acquires 100% of the stock of Solar Corporation on January 1, 2019, for $2,400,000 cash. As of that date Solar had the following account balances:
Book Value
Fair value
Cash
$630,000
Accounts receivable
775,000
Inventory
350,000
400,000
Building-net (10 year life)
1,000,000
900,000
Equipment-net (5 year life)
300,000
Land
600,000
Accounts Payable
125,000
Bonds Payable (Face amount $1,000,000, due 12/31/2023)
2,000,000
2,050,000
Common stock
500,000
Additional paid-in capital
250,000
Retained earnings
780,000
In 2019 and 2020, Solar had net income of $250,000 and $240,000, respectively. In addition, Solar paid dividends of $16,000 in both years. Inventory is assumed to be sold in 2019. Assume straight line amortization/ depreciation for assets and bonds payable.
Required - What amount of Solar's building would be included on the consolidated balance sheet at December 31, 2019?
A. $890,000
B. $880,000
C. $810,000
D. $990,000
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this case concerns the restaurant owner who has the good idea of putting a rack of peanuts at one end of his counter.
BPC1123 Principles of Economics Assignment Help and Solution, Muscat College - Assessment Writing Service
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Marjorie sold her condominium for $500,000 on September 14, 2014; she had paid $330,000 for it in 2006. Marjorie collected the selling price as follows.
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