REFERENCE: Ref.03_05 Perry Company Obtains 100% of the Stock of Hurley Corporation

Multiple Choice

REFERENCE: Ref.03_05
Perry Company obtains 100% of the stock of Hurley Corporation on January 1,2009,for $3,800 cash.As of that date Hurley has the following trial balance;
SHAPE \* MERGEFORMAT
Any excess of consideration transferred over fair value is considered goodwill with an indefinite life.FIFO inventory valuation method is used.
-Compute the consideration transferred in excess of book value at January 1,2009.

A) $150.
B) $700.
C) $2,200.
D) $550.
E) $2,900.