Assume That Oslo Corp

question 64

Multiple Choice

Assume that Oslo Corp. acquires 30% of Celdon Corp. for $360,000 on January 1, 2017. The journal entry on Oslo's books assuming Celdon's net income for 2017 was $600,000 would include a debit to

• A) No entry is necessary.
• B) Cash for $600,000.
• C) Cash for $180,000.
• D) Stock Investments for $180,000.

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Definitions:

Wisdom

The ability to apply knowledge, experience, understanding, and common sense in a considered and judicious way, often associated with insight and good judgment.

Great Depression

A severe worldwide economic downturn that lasted from 1929 to the late 1930s, marked by massive unemployment, bank failures, and a significant reduction in economic activity.

Wisdom

The quality of having experience, knowledge, and good judgment; the insightful understanding of what is true, right, or lasting.

Semantic

Related to meaning in language or logic.