When Jolt Co

question 98

Multiple Choice

When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of $70,000 and a fair value of $100,000.
What amount should have been reported for the land in a consolidated balance sheet at the acquisition date?

• A) $52,500.
• B) $70,000.
• C) $75,000.
• D) $92,500.
• E) $100,000.

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Definitions:

Functional Group

Selected atom arrangements in molecules that are crucial for the unique chemical reactions those molecules perform.

Characteristic

A distinguishing feature or quality inherent to a substance, object, or individual.

Molecule

The smallest unit of a chemical compound that can retain the chemical properties of the compound, consisting of atoms held together by covalent bonds.

Sp Hybridized

An atomic orbital hybridization state where one s orbital and one p orbital combine, forming two degenerate, linearly oriented hybrid orbitals.