Pinky Corp. acquired 90% of the outstanding stock of Snowball Inc on November 1, 2017....
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Accounting
Pinky Corp. acquired 90% of the outstanding stock of Snowball Inc on November 1, 2017. Snowballs net assets had book values equal to their fair values at the time of the consolidation except for a patent whose book value and fair value were $100,000 and $160,000 respectively. At what value would the patent be reported on the consolidated balance sheet immediately after consolidation
a. 90,000
b. 100,000
c. 144,000
d. 160,000
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