Bassett Inc. acquired all of the outstanding common stock of…

Questions

Bаssett Inc. аcquired аll оf the оutstanding cоmmon stock of Brinkman Corp. on January 1, 2019, for $422,000. Equipment with a ten-year life was undervalued on Brinkman’s financial records by $48,000. Brinkman also owned an unrecorded customer list with an assessed fair value of $71,000 and an estimated remaining life of five years.Brinkman earned reported net income of $185,000 in 2019 and $226,000 in 2020. Dividends of $75,000 were paid in each of these two years. Selected account balances as of December 31, 2021, for the two companies follow.     Bassett Brinkman Revenues $ 1,120,000   $ 860,000   Expenses   500,000     600,000   Investment income   Not given     0   Retained earnings, 1/1/21   850,000     650,000   Dividends paid   132,000     80,000     If the partial equity method had been applied, what was 2021 consolidated net income?                         A)    $260,000.                        B)    $620,000.            C)    $861,000.            D)    $880,000.            E)    $1,291,000.

Bаssett Inc. аcquired аll оf the оutstanding cоmmon stock of Brinkman Corp. on January 1, 2019, for $422,000. Equipment with a ten-year life was undervalued on Brinkman’s financial records by $48,000. Brinkman also owned an unrecorded customer list with an assessed fair value of $71,000 and an estimated remaining life of five years.Brinkman earned reported net income of $185,000 in 2019 and $226,000 in 2020. Dividends of $75,000 were paid in each of these two years. Selected account balances as of December 31, 2021, for the two companies follow.     Bassett Brinkman Revenues $ 1,120,000   $ 860,000   Expenses   500,000     600,000   Investment income   Not given     0   Retained earnings, 1/1/21   850,000     650,000   Dividends paid   132,000     80,000     If the partial equity method had been applied, what was 2021 consolidated net income?                         A)    $260,000.                        B)    $620,000.            C)    $861,000.            D)    $880,000.            E)    $1,291,000.

Bаssett Inc. аcquired аll оf the оutstanding cоmmon stock of Brinkman Corp. on January 1, 2019, for $422,000. Equipment with a ten-year life was undervalued on Brinkman’s financial records by $48,000. Brinkman also owned an unrecorded customer list with an assessed fair value of $71,000 and an estimated remaining life of five years.Brinkman earned reported net income of $185,000 in 2019 and $226,000 in 2020. Dividends of $75,000 were paid in each of these two years. Selected account balances as of December 31, 2021, for the two companies follow.     Bassett Brinkman Revenues $ 1,120,000   $ 860,000   Expenses   500,000     600,000   Investment income   Not given     0   Retained earnings, 1/1/21   850,000     650,000   Dividends paid   132,000     80,000     If the partial equity method had been applied, what was 2021 consolidated net income?                         A)    $260,000.                        B)    $620,000.            C)    $861,000.            D)    $880,000.            E)    $1,291,000.

Bаssett Inc. аcquired аll оf the оutstanding cоmmon stock of Brinkman Corp. on January 1, 2019, for $422,000. Equipment with a ten-year life was undervalued on Brinkman’s financial records by $48,000. Brinkman also owned an unrecorded customer list with an assessed fair value of $71,000 and an estimated remaining life of five years.Brinkman earned reported net income of $185,000 in 2019 and $226,000 in 2020. Dividends of $75,000 were paid in each of these two years. Selected account balances as of December 31, 2021, for the two companies follow.     Bassett Brinkman Revenues $ 1,120,000   $ 860,000   Expenses   500,000     600,000   Investment income   Not given     0   Retained earnings, 1/1/21   850,000     650,000   Dividends paid   132,000     80,000     If the partial equity method had been applied, what was 2021 consolidated net income?                         A)    $260,000.                        B)    $620,000.            C)    $861,000.            D)    $880,000.            E)    $1,291,000.

Bаssett Inc. аcquired аll оf the оutstanding cоmmon stock of Brinkman Corp. on January 1, 2019, for $422,000. Equipment with a ten-year life was undervalued on Brinkman’s financial records by $48,000. Brinkman also owned an unrecorded customer list with an assessed fair value of $71,000 and an estimated remaining life of five years.Brinkman earned reported net income of $185,000 in 2019 and $226,000 in 2020. Dividends of $75,000 were paid in each of these two years. Selected account balances as of December 31, 2021, for the two companies follow.     Bassett Brinkman Revenues $ 1,120,000   $ 860,000   Expenses   500,000     600,000   Investment income   Not given     0   Retained earnings, 1/1/21   850,000     650,000   Dividends paid   132,000     80,000     If the partial equity method had been applied, what was 2021 consolidated net income?                         A)    $260,000.                        B)    $620,000.            C)    $861,000.            D)    $880,000.            E)    $1,291,000.

Bаssett Inc. аcquired аll оf the оutstanding cоmmon stock of Brinkman Corp. on January 1, 2019, for $422,000. Equipment with a ten-year life was undervalued on Brinkman’s financial records by $48,000. Brinkman also owned an unrecorded customer list with an assessed fair value of $71,000 and an estimated remaining life of five years.Brinkman earned reported net income of $185,000 in 2019 and $226,000 in 2020. Dividends of $75,000 were paid in each of these two years. Selected account balances as of December 31, 2021, for the two companies follow.     Bassett Brinkman Revenues $ 1,120,000   $ 860,000   Expenses   500,000     600,000   Investment income   Not given     0   Retained earnings, 1/1/21   850,000     650,000   Dividends paid   132,000     80,000     If the partial equity method had been applied, what was 2021 consolidated net income?                         A)    $260,000.                        B)    $620,000.            C)    $861,000.            D)    $880,000.            E)    $1,291,000.

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