Multiple Choice
On December 31, 20X9, Add-On Company acquired 100 percent of Venus Corporation's common stock for $300,000. Balance sheet information Venus just prior to the acquisition is given here:
At the date of the business combination, Venus's net assets and liabilities approximated fair value except for inventory, which had a fair value of $60,000, land which had a fair value of $125,000, and buildings and equipment (net) , which had a fair value of $250,000.
-Based on the information provided,what amount will be included as investment in Venus Corporation in the consolidated balance sheet immediately following the acquisition?
A) $0
B) $395,000
C) $255,000
D) $300,000
Correct Answer:
Verified
Correct Answer:
Verified
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