Assuming There Are No Excess Amortizations Associated with the Consolidation

question 67

Multiple Choice

Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, compute Wilson's share of income from Simon for consolidation for 2019.

• A) $118,825.
• B) $115,000.
• C) $117,000.
• D) $119,000.
• E) $118,800.

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Definitions:

Pontiac's Rebellion

A conflict between Native American tribes and the British military forces in the Great Lakes region (1763-1766), led by Chief Pontiac, aiming to drive the British out of the territory.

Proclamation of 1763

An edict issued by King George III following Great Britain's acquisition of French territory in North America after the end of the French and Indian War, forbidding settlements west of the Appalachian Mountains.

Ohio Company

A land company formed in 1747 that was granted a tract of land west of the Appalachian Mountains by the British government to promote settlement.

French and Indian War

A major conflict in North America (1754-1763) that was part of the larger Seven Years' War, involving French and native allies against English and their colonies, leading to significant territorial changes.