Business, 24.04.2020 22:44 patricklap4951
Lowell Co. acquired 100% of Boston, Inc. on January 1, 2017. On that date, Boston had land with a book value of $42,000 and a fair value of $52,000. Also, on the date of acquisition, Boston had a building with a book value of $200,000 and a fair value of $390,000. Boston had equipment with a book value of $350,000 and a fair value of $280,000. Both companies use the same depreciation policy, that the building had a 10-year remaining useful life and the equipment had a 5-year remaining useful life.
On December 31, 2020, the two companies have the following assets:
Lowell Boston
BV FV BV FV
Land 50,000 60,000 32,000 45,000
Building 300,000 500,000 120,000 234,000
Equipment 600,000 390,000 70,000 56,000
When preparing the consolidation [A] entry to adjust the Buildings on December 31, 2020, Lowell should debit the building for what?
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Lowell Co. acquired 100% of Boston, Inc. on January 1, 2017. On that date, Boston had land with a bo...
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