a Use the following to answer questions 2-8: Balance sheets for Fort Corporation and Steele Company on December 31, 2008, before acquisition, are as follows: tad a Cash and Receivables Inventory and Buildings and Equipment (net) Total Current Payables ong-term Payables ommon Stock etained Earnings Total val Fort $ 700,000 720,000 110,000 510,000 $2.040.000 UNIDO U B) C) D) $ 140,000 420,000 600,000 880,000 malis mo $2,040.000 Steele $240,000 320,000 60,000 160,000 $780.000 60,000 320,000 200,000 Jioitab 200,000 $780.000 0 SVATBAG for 2 te that Steele owed Fort $20,000 on account on 12/31; this amount is reflected in the above ances. Fort Corporation acquired 80 percent of Steele Company's outstanding stock for 50,000 cash on January 1, 2009. On that date, the fair value of Fort's depreciable assets was 00,000 and the fair value of Steele's depreciable assets was $280,000. pä 2. Based on the information given above, what amount of depreciable assets will be rep in a consolidated balance sheet prepared immediately following the combination? $670,000. ad A) $790,000. $824,000. $880,000. IDM (nousee onimassol TOM) Messin
a Use the following to answer questions 2-8: Balance sheets for Fort Corporation and Steele Company on December 31, 2008, before acquisition, are as follows: tad a Cash and Receivables Inventory and Buildings and Equipment (net) Total Current Payables ong-term Payables ommon Stock etained Earnings Total val Fort $ 700,000 720,000 110,000 510,000 $2.040.000 UNIDO U B) C) D) $ 140,000 420,000 600,000 880,000 malis mo $2,040.000 Steele $240,000 320,000 60,000 160,000 $780.000 60,000 320,000 200,000 Jioitab 200,000 $780.000 0 SVATBAG for 2 te that Steele owed Fort $20,000 on account on 12/31; this amount is reflected in the above ances. Fort Corporation acquired 80 percent of Steele Company's outstanding stock for 50,000 cash on January 1, 2009. On that date, the fair value of Fort's depreciable assets was 00,000 and the fair value of Steele's depreciable assets was $280,000. pä 2. Based on the information given above, what amount of depreciable assets will be rep in a consolidated balance sheet prepared immediately following the combination? $670,000. ad A) $790,000. $824,000. $880,000. IDM (nousee onimassol TOM) Messin
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Please help me.
Thankyou.
Transcribed Image Text:interest.
a
oled 347
Use the following to answer questions 2-8:
b
Balance sheets for Fort Corporation and Steele Company on December 31, 2008, before
acquisition, are as follows:
v som
Cash and Receivables
Inventory
Land
Buildings and Equipment (net)
Total
Current Payables
Long-term Payables
Common Stock
Retained Earnings
Total
3 bagiats 2 ni somsled ridob A
A)
Fort
$ 700,000
720,000
110,000
510,000
B)
C)
D)
$2,040.000
100
$ 140,000
420,000
mi vlani 600,000
5500 880,000
Steele
$240,000
320,000
60,000
151
160,000
$780.000
60,000
320,000
200,000
430) 200,000
21 Jenisgs lis mo $2,040.000$780.000
2 Ahill
Note that Steele owed Fort $20,000 on account on 12/31; this amount is reflected in the above
balances. Fort Corporation acquired 80 percent of Steele Company's outstanding stock for
$450,000 cash on January 1, 2009. On that date, the fair value of Fort's depreciable assets was
$600,000 and the fair value of Steele's depreciable assets was $280,000.
M
loftob
2. Based on the information given above, what amount of depreciable assets will be reported
in a consolidated balance sheet prepared immediately following the combination?
$670,000.
$790,000.
$824,000.
$880,000.
(IOMIM sdi as low as
(noides onimssom ni TOM) Ostal vinor
26
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