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ACCT 405 Chapter 3 Problems: 4, 6, 9, 17

ACCT 405 Chapter 3 Problems: 4, 6, 9, 17

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ACCT 405 Chapter 3 Problems: 4, 6, 9, 17

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ACCT 405 Chapter 3 Problems: 4, 6, 9, 17

Chapter 3 Problems: 4, 6, 9, 17

4.     Willkom Corporation bought 100 percent of Szabo, Inc., on January 1, 2011. On that date, Willkom’s equipment (10-year life) has a book value of $300,000 but a fair value of $400,000. Szabo has equipment (10-year life) with a book value of $200,000 but a fair value of $300,000. Willkom uses the equity method to record its investment in Szabo. On December 31, 2013, Willkom has equipment with a book value of $210,000 but a fair value of $330,000. Szabo has equipment with a book value of $140,000 but a fair value of $270,000. What is the consolidated balance for the Equipment account as of December 31, 2013?

5.     $600,000.

6.     $490,000.

7.     $480,000.

8.     $420,000.

6.     Goodwill recognized in a business combination must be allocated among a firm’s identified reporting units. If the fair value of a particular reporting unit with recognized goodwill falls below its carrying amount, which of the following is true?

1.     No goodwill impairment loss is recognized unless the implied value for goodwill exceeds its carrying amount.

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