Choose the correct.On January 1, 2017, Grand Haven, Inc., reports net assets of $760,000 although equipment (with a four-year remaining life) having a book value of $440,000 is worth $500,000 and an unrecorded patent is valued at $45,000. Van Buren Corporation pays $692,000 on that date to acquire an 80 percent equity ownership in Grand Haven. If the patent has a remaining life of nine years, at what  amount should the patent be reported on Van Buren’s consolidated balance sheet at December 31, 2018?a. $28,000b. $35,000c. $36,000d. $40,000

Q: .  If the patent has a remaining life of nine years, at what amount should the patent be reported on…

A: Step 1 On consolidated balance sheet, patent is recorded at its fair value on acquisition date less…

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Q: • A trademark for P2,000,000. The trademark has 8 years remaining in its legal life. It is anticipa…

A: The answer is stated below:

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A: The question is based on the concept of Financial Accounting.

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Q: what is the carrying value of the intangible assts at December 31, 2020?

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A: Equity method: Equity method is the method used for accounting equity investments which claim a…

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A: A patent seems to be a federally awarded privilege that allows an inventor to prevent others from…

Q: On January 1, 2020, Alison, Inc., paid $83,800 for a 40 percent interest in Holister Corporation’s…

A: Solution Common stock can be defined as securities that represent individuals ownership in a said…

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A: The Equity in income of S Inc. for 2019 is = $21120.

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A:

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A: In business combination, when an asset is acquired  then it should be  measured at Fair value

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Q: On January 1, 2017, Alison, Inc., paid $60,000 for a 40 percent interest in Holister Corporation’s…

A: (A) Following is the calculation of amount appear in the investment in H’s account by using equity…

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A: Equity method: Equity method is the method used for accounting equity investments which claim a…

Q: Dazzle Corporation purchased a patent for P7,140,000 on January 2014. The patent is being amortized…

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A: Patent are the intangible asset which is purchased by the company on any new invention on technology…

Q: Presented below is selected information for Alatorre Company. 1. Alatorre purchased a patent from…

A: 1. Calculate the amount that should be reported in the balance sheet for the patent, net of…

Q: o. Assuming Alison uses the equity method, what balance should appear in the Investment in Holister…

A: Investment in any other company can be reported by using Equity method or fair value method.

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A: Patent is one of the intangible asset being held by the business. This type of assets can not be…

Q: In January 2020, Marcus, Inc., acquired 20 percent of the outstanding common stock of Lily, Inc.,…

A: The question is based on the concept of financial accounting.