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Use the Following Information to Answer the Question(s)below

question 9

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Use the following information to answer the question(s) below.
On January 1,2011,Penelope Company acquired a 90% interest in Leah Company for $180,000 cash.On January 1,2011,Leah Company had the following assets and liabilities:
Use the following information to answer the question(s) below. On January 1,2011,Penelope Company acquired a 90% interest in Leah Company for $180,000 cash.On January 1,2011,Leah Company had the following assets and liabilities:    Push-down accounting is used for the acquisition. -Assume the parent company theory is used.On January 2,2011,Leah Company will report Goodwill of ________ and Accounts Receivable of ________ on Leah's balance sheet. A) $27,000;$30,000 B) $27,000;$35,000 C) $30,000;$30,000 D) $45,000;$34,500 Push-down accounting is used for the acquisition.
-Assume the parent company theory is used.On January 2,2011,Leah Company will report Goodwill of ________ and Accounts Receivable of ________ on Leah's balance sheet.

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Definitions:

College Students

Individuals enrolled in an institution of higher education, pursuing undergraduate, postgraduate, or various diploma courses.

Polyandry

A form of marriage in which a woman is married to two or more men at the same time.

Polygyny

A type of matrimonial arrangement where a man can concurrently have multiple wives.

Polygamy

A marital practice in which an individual has more than one spouse simultaneously, recognized in some cultures and religions.

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