Pickup Company Acquired 100 Percent of the Voting Common Shares

question 30

Multiple Choice

Pickup Company acquired 100 percent of the voting common shares of Sedan Corporation by issuing bonds with a par value and fair value of $200,000.Immediately prior to the acquisition,Pickup reported total assets of $600,000,liabilities of $370,000,and stockholders' equity of $230,000.At that date,Sedan reported total assets of $500,000,liabilities of $300,000,and stockholders' equity of $200,000.Included in Sedan's liabilities was an account payable to Pickup in the amount of $50,000,which Pickup included in its accounts receivable.
-Based on the preceding information,what amount of total assets did Pickup report in its balance sheet immediately after the acquisition?

• A)$1,100,000
• B)$1,000,000
• C)$800,000
• D)$1,600,000

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Definitions:

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