What amount will be reported for consolidated receivables?

A)  $660,000.

B)  $640,000.

C)  $500,000.

D)  $460,000.

E)  $480,000.

Answer: B

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 Receivable ($480,000) + Fair Value of Macek Receivable($160,000) = $640,000