On January 1, 2016, Rabb Corp. purchased 80% of Sunny Corp.'s $10 par common stock...
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Accounting
On January 1, 2016, Rabb Corp. purchased 80% of Sunny Corp.'s $10 par common stock for 975,000. On this date, the carrying amount of Sunny's net assets was 1,000,000. The fair values of Sunny's identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net), which were $100,000 in excess of the carrying amount.
In the January 1, 2016, consolidate balance sheet, goodwill should be reported at
a. 95,000
b.0
C. 118,750
d. 75,750
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