On October 6, 2021, Dark Company acquired 70% of the common stock of Knight Company. The separate statement of financial position of the two companies on that date showed the following: DARK KNIGHT Ccash Accounts Receivable Inventory Land Plant Assets Accumulated Depreciation Investment in KNIGHT Company TOTALS Accounts Payable Capital Stock Retained Earnings TOTALS 24,000 144,000 132,000 68,000 700,000 (240,000) 402,000 1,230,000 206,000 800,000 224,000 1,230,000 206,000 26,000 83,000 32,000 300,000 (60,000) 587,000 142,000 345,000 100,000 587,000 The book values of all assets and liabilities for KNIGHT company equaled to fair values, except for the inventory with a fair value of 55,000. The fair value of the NCI is 150,000. The total assets on the date of business combination to be presented in the consolidated financial statements is

On October 6, 2021, Dark Company acquired 70% of the common stock of Knight Company. The separate statement of financial position of the two companies on that date showed the following: DARK KNIGHT Ccash Accounts Receivable Inventory Land Plant Assets Accumulated Depreciation Investment in KNIGHT Company TOTALS Accounts Payable Capital Stock Retained Earnings TOTALS 24,000 144,000 132,000 68,000 700,000 (240,000) 402,000 1,230,000 206,000 800,000 224,000 1,230,000 206,000 26,000 83,000 32,000 300,000 (60,000) 587,000 142,000 345,000 100,000 587,000 The book values of all assets and liabilities for KNIGHT company equaled to fair values, except for the inventory with a fair value of 55,000. The fair value of the NCI is 150,000. The total assets on the date of business combination to be presented in the consolidated financial statements is

Name: On October 6, 2021, Dark Company acquired 70% of the common stock of
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Description: On October 6, 2021, Dark Company acquired 70% of the common stock of Knight Company. Theseparate statement of financial position of the two companies on that date showed the following:DARKKNIGHTCcashAccounts ReceivableInventoryLandPlant AssetsAccumu

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 2MC: During 2021, Anthony Company purchased debt securities as a long-term investment and classified them...

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