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ACC 402 Advanced Accounting Exam 2 (Ch. 4-6) | Questions And Answers Latest {} A+ Graded | 100% Verified
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ACC 402 Advanced Accounting Exam 2 (Ch. 4-6) | Questions And Answers Latest {2024- 2025} A+ Graded | 100% Verified

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  • August 24, 2024
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ACC 402 Advanced Accounting Exam 2 (Ch. 4-6) | Questions And Answers Latest {2024-
2025} A+ Graded | 100% Verified




When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of
$70,000 and a fair value of $100,000.



What amount should have been reported for the land in a consolidated balance sheet at the acquisition
date?

A. $70,000.

B. $75,000.

C. $49,000.

D. $100,000 - D. $100,000



When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of
$70,000 and a fair value of $100,000.



What is the total amount of excess land allocation at the acquisition date?

A. $0.

B. $30,000.

C. $22,500.

D. $25,000. - B. $30,000



When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of
$70,000 and a fair value of $100,000.



What is the amount of excess land allocation attributed to the controlling interest at the acquisition
date?



A. $0.

B. $30,000.

, C. $22,500.

D. $17,500. - C. $22,500



When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of
$70,000 and a fair value of $100,000.



What is the amount of excess land allocation attributed to the non-controlling interest at the acquisition
date?



A. $0.

B. $30,000.

C. $22,500.

D. $7,500. - D. $7,500



Perch Co. acquired 80% of the common stock of Float Corp. for $1,600,000. The fair value of Float's net
assets was $1,850,000, and the book value was $1,500,000. The non-controlling interest shares of Float
Corp. are not actively traded.



What is the total amount of goodwill recognized at the date of acquisition?



A. $150,000.

B. $250,000.

C. $120,000.

D. $170,000. - A. $150,000



Perch Co. acquired 80% of the common stock of Float Corp. for $1,600,000. The fair value of Float's net
assets was $1,850,000, and the book value was $1,500,000. The non-controlling interest shares of Float
Corp. are not actively traded.



What amount of goodwill should be attributed to Perch at the date of acquisition?

A. $150,000.

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