Hanson CoAcquired All of the Common Stock of Roberts Inc

question 88

Essay

Hanson Co.acquired all of the common stock of Roberts Inc.on January 1, 2017, transferring consideration in an amount slightly more than the fair value of Roberts' net assets.At that time, Roberts had buildings with a twenty-year useful life, a book value of $600,000, and a fair value of $696,000.On December 31, 2018, Roberts had buildings with a book value of $570,000 and a fair value of $648,000.On that date, Hanson had buildings with a book value of $1,878,000 and a fair value of $2,160,000.
Required:
What amount should be shown for buildings on the consolidated balance sheet dated December 31, 2018?

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Definitions:

Erectile Tissues

Specialized tissues found in certain parts of the body, such as the penis and clitoris, that fill with blood and swell, leading to erection.

Urethra

A tube that conveys urine from the bladder to the outside of the body in both sexes and also transports semen in males.

Semen

A fluid containing sperm and other secretions from the male reproductive system.

Dihydrotestosterone

A potent androgen hormone produced from testosterone, playing a crucial role in male development and health.