On January 1,20X9,Wilton Company acquired all of Sirius Company's common shares,for $365,000 cash.On that date,Sirius's balance sheet appeared as follows:
The fair values of all of Sirius's assets and liabilities were equal to their book values except for inventory that had a fair value of $85,000,land that had a fair value of $60,000,and buildings and equipment that had a fair value of $250,000.Buildings and equipment have a remaining useful life of 10 years with zero salvage value.Wilton Company decided to employ push-down accounting for the acquisition.Subsequent to the combination,Sirius continued to operate as a separate company.
-Based on the preceding information,what amount will be present in the revaluation capital account,when eliminating entries are prepared?
Definitions:
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including the cost of materials and labor directly tied to product creation.
Operating Activities
Transactions and events related to the core business functions, including revenue and expense activities that affect net income on the income statement.
Direct Method
A method for creating the cash flow statement by directly listing the actual cash flows associated with operating activities.
Operating Activities
Business actions that are involved in the day-to-day functions of producing goods, offering services, and other core operations.
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