The Following Data Pertains to Questions

question 52

Multiple Choice

The following data pertains to questions
Parent and Sub Inc had the following balance sheets on July 31,2007: The Net Incomes for Parent and Sub Inc for the year ended July 31,2007 were $120,000 and $60,000 respectively.
-Assuming Parent purchased 80% of Sub Inc.for $180,000;the Assets section of Parent's Consolidated Balance Sheet on the date of acquisition would total what amount under current GAAP?

• A)$637,600
• B)$639,200
• C)$637,200
• D)$571,000

---

Definitions:

Christmas Tree

A decorated evergreen tree, traditionally associated with the celebration of Christmas, symbolizing life and rejuvenation.

Slaveowners

Individuals or entities that owned, bought, or sold humans as property for forced labor, predominantly in historical contexts such as in pre-Civil War United States.

Northerners

Individuals from the northern part of a country or region; in the United States context, it often refers to people living in the North during the Civil War era, distinguishing them from Southerners.

Abolitionist Organizations

Entities, groups, or societies dedicated to ending the practice of slavery and promoting the emancipation of enslaved people.