On January 1,2016,Pamela Company Purchased 75% of the Common Stock

question 8

Multiple Choice

On January 1,2016,Pamela Company purchased 75% of the common stock of Snicker Company.Separate balance sheet data for the companies at the combination date are given below: Determine below what the consolidated balance would be for each of the requested accounts on January 2,2016.
What is the amount of total assets?

• A)$921,000
• B)$1,185,000
• C)$1,525,000
• D)$1,195,000

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Definitions:

National Railroad Network

A comprehensive system of railway lines and routes covering a national territory, facilitating passenger and freight transport.

Civil War

An internal conflict between factions or regions within the same country, where the factions fight for political control, ethnic or religious reasons, or territorial independence.

Protective Tariffs

Taxes imposed on imported goods to protect domestic industries from foreign competition by making imported goods more expensive.

Mass-Consumption Society

A society characterized by the widespread purchasing and use of consumer goods by a large proportion of the population.