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What amount will be reported for consolidated long-term liabilities?

A)  $1,520,000.

B)  $1,480,000.

C)  $1,440,000.

D)  $1,180,000.

E)  $1,100,000.

Answer: C

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 Long-Term Liabilities ($1,140,000) + Fair Value of Macek Long-Term Liabilities ($300,000) = $1,440,000

What do you think?

Written by Homework Lance

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