Which of the following statements are true? (i) If an investor has more than 50% ownership, it always has control. (ii) Goodwill is amortised over the useful life which is traditionally 30 years. (iii) The elimination entry in the pro forma journal is not entered in the general ledger. Select one: a. (i), (ii) and (iii) b. (i) and (ii) only c. (i) and (iii) only d. (iii) only

Which of the following statements are true? (i) If an investor has more than 50% ownership, it always has control. (ii) Goodwill is amortised over the useful life which is traditionally 30 years. (iii) The elimination entry in the pro forma journal is not entered in the general ledger. Select one: a. (i), (ii) and (iii) b. (i) and (ii) only c. (i) and (iii) only d. (iii) only

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Completing A Quality Audit

Section: Chapter Questions

Problem 27CYBK

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ASAP
An asset's book value is $18,600 on December 31, Year 5. Assuming the asset is sold on December 31, Year 5 for $14,400, the company should record: Multiple Choice A gain on sale of $13,200. Neither a gain nor a loss is recognized on this transaction. A loss on sale of $4,200. A loss on sale of $13,200. A gain on sale of $4,200.