When consolidating parent and subsidiary financial statements, which of the following statements is true?

What has become of Faust’s social stature since we last met him in the cave with Gretchen? (We’ve skipped over a lot to get to here)

Wilkins Inc. acquired 100% of the voting common stock of Granger Inc. on January 1, 2021. The book value and fair value of Granger’s accounts on that date (prior to creating the combination) are as follows, along with the book value of Wilkins’s accounts:     Wilkins Book Value Granger Book Value Granger Fair Value Retained earnings, 1/1/21 $ 250,000 $ 240,000     Cash and receivables   170,000   70,000 $ 70,000 Inventory   230,000   180,000   210,000 Land   320,000   220,000   240,000 Buildings (net)   480,000   240,000   280,000 Equipment (net)   120,000   90,000   90,000 Liabilities   650,000   440,000   430,000 Common stock   360,000   80,000     Additional paid-in capital   60,000   40,000       Assume that Wilkins issued preferred stock with a par value of $260,000 and a fair value of $500,000 for all of the outstanding shares of Granger in an acquisition business combination. What will be the balance in the consolidated Inventory and Land accounts?                         A)    $440,000, $540,000.                   B)    $440,000, $560,000.            C)    $410,000, $540,000.            D)    $410,000, $560,000.            E)    $390,000, $460,000.

Jackson Company acquires 100% of the stock of Clark Corporation on January 1, 2020, for $4,100 cash. As of that date Clark has the following trial balance:     Debit   Credit Cash $ 500           Accounts receivable   600           Inventory   900           Buildings (net) (5 year life)   1,600           Equipment (net) (2 year life)   1,000           Land   900           Accounts payable         $ 400   Long-term liabilities (due 12/31/22)           1,900   Common stock           1,000   Additional paid-in capital           700   Retained earnings           1,500   Total $ 5,500     $ 5,500     Net income and dividends reported by Clark for 2020 and 2021 follow:     2020 2021 Net income $ 120   $ 140   Dividends   40     50     The fair value of Clark’s net assets that differ from their book values are listed below:     Fair Value Buildings $ 1,200   Equipment   1,350   Land   1,300   Long-term liabilities   1,750     Any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life. Compute the consideration transferred in excess of book value acquired at January 1, 2020.              A)    $900.                   B)    $1,400.            C)    $1,900.            D)    $2,400.            E)    $2,600.             

On January 1, 2019, Dermot Company purchased 15% of the voting common stock of Horne Corp. On January 1, 2021, Dermot purchased 28% of Horne’s voting common stock. If Dermot achieves significant influence with this new investment, how must Dermot account for the change to the equity method?

Name the only functional group that is always polar and electrically charged:  _______

What is the name of the C=O bond in COOH? _______

The economic crisis that started in Thailand quickly spread to other parts of Asia and even to countries outside of Asia. 

At one point, Marissa meets her foster mother who kept her when she was a baby. The foster mother is a little upset that Marissa: 

When Thai banks went to repay loans to American banks, they had to convert Baht into USD at an exchange rate reflecting a severely appreciated value for the Baht. This led to the big losses.