Par Corporation bought 100 percent of Kimmel, Incorporated, on January 1, 2021. On that date, Paar's equipment (10-year remaining life) has a book value of $427,000 but a fair value of $593,000. Kimmel has equipment (10-year remaining life) with a book value of $297,000 but a fair value of $463,000. Paar uses the equity method to record its investment in Kimmel. On December 31, 2023, Paar has equipment with a book value of $298,900 but a fair value of $497,900. Kimmel has equipment with a book value of $207,900 but a fair value of $417,000. What is the consolidated balance for the Equipment account as of December 31, 2023? Multiple Choice $914,900 $506,800 $672,800 $623,000

Par Corporation bought 100 percent of Kimmel, Incorporated, on January 1, 2021. On that date, Paar's equipment (10-year remaining life) has a book value of $427,000 but a fair value of $593,000. Kimmel has equipment (10-year remaining life) with a book value of $297,000 but a fair value of $463,000. Paar uses the equity method to record its investment in Kimmel. On December 31, 2023, Paar has equipment with a book value of $298,900 but a fair value of $497,900. Kimmel has equipment with a book value of $207,900 but a fair value of $417,000. What is the consolidated balance for the Equipment account as of December 31, 2023? Multiple Choice $914,900 $506,800 $672,800 $623,000

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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