Figure: Perry Company Acquires 100% of the Stock of Hurley Corporation

question 101

Multiple Choice

Figure:
Perry Company acquires 100% of the stock of Hurley Corporation on January 1, 2010, for $3,800 cash. As of that date Hurley has the following trial balance; Any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life. FIFO inventory valuation method is used.
-Compute the amount of Hurley's buildings that would be reported in a December 31, 2010, consolidated balance sheet.

• A) $1,560.
• B) $1,260.
• C) $1,440.
• D) $1,160.
• E) $1,140.

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