Leo Inc. acquired 100% of the stock of Virgo Co on Jan 1, 2020. At...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Leo Inc. acquired 100% of the stock of Virgo Co on Jan 1, 2020. At the time of the purchase, Virgo Co. had a patent with a book value of $70,000 and a fair value of $370,000 and a remaining useful life of 10 years as of Jan 1, 2020
The following chart shows the Patent balances on the separate balance sheets of Leo and Virgo
Leo Virgo Dec. 31, 2020 Patent balance 0 64,000 Dec. 31, 2021 Patent balance 110,000 58,000
Find the balance on the consolidated balance sheet
1. Dec 31, 2020 balance in Patents 2. Dec 31, 2021 balance in Patents
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.