Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. consolidation case 2 spring 2024 duck corporat

CONSOLIDATION CASE 2 SPRING 2024 Duck Corporation acquired 70 percent of...

70.2K

Verified Solution

Question

Accounting

CONSOLIDATION CASE 2
SPRING 2024
Duck Corporation acquired 70 percent of the outstanding voting shares of Goose, Inc. on January 1t4 : 2022 which it held as a subsidiary. Duck paid a total of $1,610 in cash for these shares. This payment represents the proportionate share of the fair value of Goose. On January 1"t,2022, Goose's book value was $1,400 and alt recorded assets and liabilities had fair values equal to their book values except equipment, with a 5-year remaining life, that was under-valued on the company accounting records by $200. Also Goose's newly developed patent, with an estimated life of 10-vears, was assessed to have a fair value of $400 although it was not recorded an the books.
Adjusted Trial Balances as of December 31,2023? were as follows:
\table[[Debits],[Current Assets,,$1,020
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

According to Cognitive Development in Infancy and Toddlerhood, how can parents teach their toddlers about empathy...

Electrical Engineering
1.2K views

1. How does a temperature sensor based on a diode work? Please provide a qualitative description...

Basic Math
1.2K views

Analyses of drinking water samples for 100 homes in each of two different sections of a...

Basic Math
1.2K views

Watch help video It cost Adam 5 04 to send 84 text messages How much...

Calculus
1.2K views

Find the surface area of the ellipsoid formed by 3 2 y 9 4 rotated...

Calculus
1.2K views

Find the area under one arch of the cycloid x 2a t sin t y...

Algebra
1.2K views

What is the parent function for this grap A 3 1 f x Absolute Value...

Algebra
1.2K views

Fragments identify each group of words as a sentence or as a fragment Make the...

Accounting
1.2K views

Revision of Depreciation A warehouse with a cost of $983,100 has an estimated residual value...

Accounting
1.2K views

PROBLEMI (30%) An analysis of selected accounts in the Madoff Company's general ledger prior to...

Accounting
1.2K views

Cabal Products is a division of a major corporation. Last year the division had total...

Accounting
1.2K views

How can I locate 5.5% on the present value and present value on annuity tables