Reference no: EM132789934
Problem 1: When are consolidated financial statements prepared?
a.Only if one company owns 100% of another company
b.If one company owns more than 50% of another company
c.At the option of an investee company
d.At the option of an investor company
Problem 2: On February 1, 2017, Vermont Corp. pays $50,000 for shares of Stream, Inc. common stock and another $1,000 in commissions. Assume that Vermont sells the Stream stock on May 20, 2017, for $53,000. In this case, Vermont recognizes a(n)
a.decrease in assets and an increase in stockholders' equity for $2,000.
b.increase and a decrease in assets by the same amount.
c.increase in assets and stockholders' equity for $2,000.
d.increase in assets and stockholders' equity for $3,000.
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When are consolidated financial statements prepared
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