REFERENCE: Ref.03_07 Following Are Selected Accounts for Green Corporation and Vega Company

question 101

Multiple Choice

REFERENCE: Ref.03_07
Following are selected accounts for Green Corporation and Vega Company as of December 31,2010.Several of Green's accounts have been omitted.
Green obtained 100% of Vega on January 1,2006,by issuing 10,500 shares of its $10 par value common stock with a fair value of $95 per share.On January 1,2006,Vega's land was undervalued by $40,000,its buildings were overvalued by $30,000,and equipment was undervalued by $80,000.The buildings have a 20-year life and the equipment has a 10-year life.$50,000 was attributed to an unrecorded trademark with a 16-year remaining life.There was no goodwill associated with this investment.
-Compute the December 31,2010,consolidated equipment.

• A)$800,000.
• B)$808,000.
• C)$840,000.
• D)$760,000.
• E)$848,000.

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Definitions:

Institutional Racism

A system of policies and practices entrenched in established institutions, which result in the unfair disadvantage to individuals or groups based on race.

Cultural Competency

The ability to understand, appreciate, and interact effectively with people from different cultures.

Microaggressions

The everyday, subtle, intentional — and oftentimes unintentional — interactions or behaviors that communicate some sort of bias against historically marginalized groups.

Implicit Biases

Unconscious attitudes or stereotypes that influence an individual’s understanding, actions, and decisions in an unconscious manner.