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Compute the consolidated buildings (net) account at December 31, 2018

A)  $2,700.

B)  $3,370.

C)  $3,300.

D)  $3,260.

E)  $3,340.

Answer: D

Learning Objective: 02-05 

Learning Objective: 02-06a

Learning Objective: 02-07

Topic: Acquisition―Allocate fair value

Topic: Acquisition―Calculate consolidated balances

Difficulty: 2 Medium  

Blooms: Apply

AACSB: Knowledge Application

AICPA: BB Critical Thinking

AICPA: FN Measurement

Feedback: Consolidated Value of Buildings Determined by adding the book value of Goodwin’s buildings ($2,700)to the Fair Value of Corr’s buildings ($560 FV) = $3,260

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Written by Homework Lance

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