Select True (T)or False (F)for Each of the Following Statements

True/False

Select True (T)or False (F)for each of the following statements:_____1. A parent will recognize a gain or loss if it sells a portion of its investment in a subsidiary and maintains control after the sale._____2. A parent sells a portion of its investment in a subsidiary and no longer maintains control. This sale of shares represents a remeasurement event for the investee._____3. International financial reporting standards (IFRS)allow an option to value the noncontrolling interest with goodwill or to value the noncontrolling interest without goodwill._____4. Consolidated net income represents the combined net income of the parent and subsidiary after subtracting the noncontrolling interest in the net income of the subsidiary._____5. The total acquisition-date fair value of an acquired firm is the sum of the fair value of the controlling interest and the fair value of the noncontrolling interest._____6. When control of a subsidiary is acquired on a date other than the first day of a fiscal year, excess amortization expenses are pro-rated to include only the post-acquisition period._____7. For a mid-year acquisition following an equity method investment of the same company, the consolidated income statement will report consolidated revenues and expenses for the entire year._____8. In a step acquisition where the parent previously held a noncontrolling interest in the acquired firm, the parent remeasures the prior interest to fair value._____9. When a parent has control over a subsidiary with less than 100 percent ownership, and thereafter increases its ownership, the parent remeasures the prior interest to fair value.