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REFERENCE: Ref.03_05 Perry Company Obtains 100% of the Stock of Hurley Corporation

question 8

Multiple Choice

REFERENCE: Ref.03_05
Perry Company obtains 100% of the stock of Hurley Corporation on January 1,2009,for $3,800 cash.As of that date Hurley has the following trial balance;
SHAPE \* MERGEFORMAT
$REFERENCE: Ref.03_05 Perry Company obtains 100% of the stock of Hurley Corporation on January 1,2009,for $3,800 cash.As of that date Hurley has the following trial balance; SHAPE \* MERGEFORMAT Any excess of consideration transferred over fair value is considered goodwill with an indefinite life.FIFO inventory valuation method is used. -Compute the consideration transferred in excess of book value at January 1,2009. A) $150. B) $700. C) $2,200. D) $550. E) $2,900.$ Any excess of consideration transferred over fair value is considered goodwill with an indefinite life.FIFO inventory valuation method is used.
-Compute the consideration transferred in excess of book value at January 1,2009.

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