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

question 53

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
Any excess of consideration transferred over fair value is considered goodwill with an indefinite life.FIFO inventory valuation method is used.
-Compute the amount of Hurley's land that would be reported on a December 31,2010,consolidated balance sheet.

• A)$900.
• B)$1,300.
• C)$400.
• D)$1,450.
• E)$2,200.

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