What amount will be reported for consolidated buildings (net)?

A)  $1,420,000.

B)  $1,260,000.

C)  $1,140,000.

D)  $1,480,000.

E)  $1,200,000.

Answer: D

Learning Objective: 02-05 

Learning Objective: 02-06a

Learning Objective: 02-07

Topic: Acquisition―Allocate fair value

Topic: Acquisition―Calculate consolidated balances

Topic: Consolidation worksheet

Difficulty: 2 Medium

Blooms: Apply

AACSB: Knowledge Application

AICPA: BB Critical Thinking

AICPA: FN Measurement

Feedback: Flynn Buildings ($1,200,000) + Fair Value of Macek Buildings($280,000) = $1,480,000