Turner and Plaster: Consolidated balance of the Building account
Not what you're looking for?
On January 1, 2009, Turner Inc. reports net assets of $480,000 although a building (with a 10-year life) having a book value of $260,000 is now worth $300,000. Plaster Corporation pays $540,000 on that date for a 90 percent ownership in Turner. On December 31, 2011, Turner reports a Building account of $182,000 while Plaster reports a Building account of $510,000. What is the consolidated balance of the Building account?
Purchase this Solution
Solution Summary
The expert examines consolidated balance of the building accounts for Turner and Plaster.
Solution Preview
ANSWERS
Assumption: Straight line depreciation
Fair value in ...
Purchase this Solution
Free BrainMass Quizzes
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.
Introduction to Finance
This quiz test introductory finance topics.
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media