a. 1,992,000b. 1,972,000c. 1,954,000d. 1,965,000 ABC Co. acquired 60% interest in DEF Co. On January 1,2021. Information on the combining entities' accounts rightafter the business combination follows:ABC Co. (carrying Amount)DEF Co. (carrying Amount)Other Assets1,296,000444,000Investment in Subsidiary360,000(240,000)(96,000)348,000LiabilitiesNet assets1,416,000How much is the consolidated total assets?

Name: a. 1,992,000b. 1,972,000c. 1,954,000d. 1,965,000 ABC Co. acquired 60%
Uploaded: 2024-03-04T10:43:15.000Z
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Description: a. 1,992,000b. 1,972,000c. 1,954,000d. 1,965,000 ABC Co. acquired 60% interest in DEF Co. On January 1,2021. Information on the combining entities' accounts rightafter the business combination follows:ABC Co. (carrying Amount)DEF Co. (carrying Amount

Consolidated total assets is defined as the net book value of all the assets of the company as well…

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Business

Accounting

How much is the consolidated total assets?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

a. 1,992,000

b. 1,972,000

c. 1,954,000

d. 1,965,000

ABC Co. acquired 60% interest in DEF Co. On January 1,2021. Information on the combining entities' accounts right
after the business combination follows:
ABC Co. (carrying Amount)
DEF Co. (carrying Amount)
Other Assets
1,296,000
444,000
Investment in Subsidiary
360,000
(240,000)
(96,000)
348,000
Liabilities
Net assets
1,416,000
How much is the consolidated total assets?

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