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

question 50

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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 amount of Hurley's long-term liabilities that would be reported on a December 31,2010,consolidated balance sheet. A) $1,700. B) $1,800. C) $1,650. D) $1,750. E) $3,500.$ 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 long-term liabilities that would be reported on a December 31,2010,consolidated balance sheet.

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