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Janson Co. and BR. Inc.

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Janson Co. purchased all of the common stock of BR Inc. on January 1, 2005, paying slightly more than the fair market value of BRs' net assets. At that time, BR had buildings with a twenty-year useful life, a book value of $600,000, and a fair market value of $696,000. On December 31, 2006, BR had buildings with a book value of $620,000 and a fair market value of $648,000. On that date, Janson had buildings with a book value of $2,000,000 and a fair market value of $2,160,000.

What amount should be shown for buildings on the consolidated balance sheet dated December 31, 2006?

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This solution is comprised of a detailed explanation to answer what amount should be shown for buildings on the consolidated balance sheet dated December 31, 2006.

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Janson Co. purchased all of the common stock of BR Inc. on January 1, 2005, paying slightly more than the fair market value of BRs' net assets. At that time, BR had buildings with a twenty-year useful life, a book value of $600,000, and a fair market value of $696,000. On December 31, 2006, BR had buildings with a book value of $620,000 and a fair market value of $648,000. On that date, Janson had buildings with a book value of $2,000,000 and a fair market value of $2,160,000.

What amount ...

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