Essay
REFERENCE: Ref.03_14
Jaynes Inc.obtained all of Aaron Co.'s common stock on January 1,2009,by issuing 11,000 shares of $1 par value common stock.Jaynes' shares had a $17 per share fair value.On that date,Aaron reported a net book value of $120,000.However,its equipment (with a five-year remaining life)was undervalued by $6,000 in the company's accounting records.Any excess of consideration transferred over fair value of assets and liabilities is assigned to an unrecorded patent to be amortized over ten years.
SHAPE \* MERGEFORMAT
-If this combination is viewed as an acquisition,what was consolidated equipment as of December 31,2010?
Correct Answer:
Verified
Correct Answer:
Verified
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