REFERENCE: Ref.10_10 Kennedy Company Acquired All of the Outstanding Common Stock of Stock

question 57

Multiple Choice

REFERENCE: Ref.10_10
Kennedy Company acquired all of the outstanding common stock of Hastie Company of Canada for US$350,000 on January 1,2009,when the exchange rate for the Canadian dollar was US$.70.The fair value of the net assets of Hastie was equal to their book value of C$450,000 (Canadian dollars) on the date of acquisition.Any excess cost over fair value was attributed to an unrecorded patent with a remaining life of five years.The functional currency of Hastie is the Canadian dollar.
For the year ended December 31,2009,Hastie's translated net income was $25,000.The average exchange rate for the Canadian dollar during 2009 was US$.68,and the 2009 year-end exchange rate was US$.65.
-Amortization of the patent,translated,for 2009 would be

• A)$7,000.
• B)$10,000.
• C)$6,800.
• D)$9,000.
• E)$6,500.

Analyze the impact of early foreign policy decisions on American politics and society.

Assess the formation and significance of political factions and their influence on American governance.

Evaluate the role of societal and political agitation in shaping federal government response and policies.

Understand the challenges and dilemmas faced by the early American republic in maintaining neutrality during foreign conflicts.

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Definitions:

Personality Inventory

A questionnaire designed to reveal aspects of an individual’s character or psychological makeup.

DSM-5

The Diagnostic and Statistical Manual of Mental Disorders, Fifth Edition, a comprehensive classification of mental disorders published by the American Psychiatric Association.

Detachment

A state or process of being objectively disinterested or distanced from emotional involvement or personal interests.

Low Conscientiousness

A personality trait characterized by a lack of responsibility, organization, and reliability.