The Following Data Pertains to Questions

question 59

Multiple Choice

The following data pertains to questions
Parent and Sub Inc had the following balance sheets on December 31,2008: On January 1,2009 Parent purchased all of Sub Inc's Common Shares for $40,000 in cash.On that date,Sub's Current Assets and Fixed Assets were worth $26,000 and $54,000,respectively.Assuming that Consolidated Financial Statements were prepared on that date,answer the following:
-The Shareholder's Equity section of the Consolidated Balance Sheet would show what amount?

• A)$121,000
• B)$90,000
• C)$19,000
• D)$98,000

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Definitions:

Ingroup Bias

The tendency to favor and extend loyalty to members of one's own group over those of a different group.

Political Party

An organized group that seeks to achieve political power by participating in electoral processes and promoting specific ideologies.

Fair-Minded

Characterized by impartiality and honesty; free from self-interest, prejudice, or favoritism.

Trustworthy

Deserving of trust or confidence, reliable and dependable in character, actions, and intentions.