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Where an acquisition in an associate results in an excess, how is the excess accounted for in the year of acquisition? Select one: a. CR Share of associate profit account. b. No adjustment is required due to the single line method of accounting followed under the equity method. c. CR Investment in associate account. d. DR Share of associates retained earnings account.

Where an acquisition in an associate results in an excess, how is the excess accounted for in the year of acquisition? Select one: a. CR Share of associate profit account. b. No adjustment is required due to the single line method of accounting followed under the equity method. c. CR Investment in associate account. d. DR Share of associates retained earnings account.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Where an acquisition in an associate results in an excess, how is the excess accounted for in the year of acquisition? Select one: a. CR Share of associate profit account. b. No adjustment is required due to the single line method of accounting followed under the equity method. c. CR Investment in associate account. d. DR Share of associates retained earnings account.
Transcribed Image Text:Where an acquisition in an associate results in an excess, how is the excess accounted for in the year of acquisition? Select one: a. CR Share of associate profit account. b. No adjustment is required due to the single line method of accounting followed under the equity method. c. CR Investment in associate account. d. DR Share of associates retained earnings account.
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