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Oksana_A [137]
3 years ago
5

The fair values of all of Sirius's assets and liabilities were equal to their book values except for inventory that had a fair v

alue of $85,000, land that had a fair value of $60,000, and buildings and equipment that had a fair value of $250,000. Buildings and equipment have a remaining useful life of 10 years with zero salvage value. Paradox Company decided to employ push-down accounting for the acquisition. Subsequent to the combination, Sirius continued to operate as a separate company. Based on the preceding information, what amount will be present in the revaluation capital account, when consolidating entries are prepared?
Business
1 answer:
lubasha [3.4K]3 years ago
5 0

Answer:

$0

Explanation:

The fair value is the value above the book value. The financial statements are prepared at historic cost and when the value of assets rises a revaluation account is created to present financial statements accurate. The fair values of Sirius's assets are equal to book value and all assets are presented at cost or book value. There will be no revaluation charged to the consolidated statement.

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The key factor distinguishing retailers from other members of the supply chain is that they sell to customers for their personal use.

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  • A client is someone who purchases goods, services, products, or ideas from a seller, vendor, or supplier in exchange for money or another useful consideration.
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What are the benefits of tracking income and spending according to a budget
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You won't go over on an account, also, if someone hacks into your account/ uses your money, you know who to contact, for you know that you didn't buy that item.

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2 years ago
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Be5-4, Prepare the journal entries to record the following transactions on Novy Company’s books using a perpetual inventory syst
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Answer:

a: March 2

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Dr Sales Returns and Allowances 90,000

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