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

Bassett Inc. acquired all of the outstanding common 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.

A client sustained a head injury when falling off of a ladde…

A client sustained a head injury when falling off of a ladder.  While in the hospital, the client begins voiding large amounts of clear urine and states he is very thirsty.  The clinet states that he feels weak and has had an 8 lb weight loss since admission.  What should the client be tested for?

Gale Co. was formed on January 1, 2021 as a wholly owned for…

Gale Co. was formed on January 1, 2021 as a wholly owned foreign subsidiary of a U.S. corporation. Gale’s functional currency was the stickle (§). The following transactions and events occurred during 2021:  Jan. 1 Gale issued common stock for §2,000,000.June 30 Gale paid dividends of §50,000.Dec. 31 Gale reported net income of §120,000 for the year. Exchange rates for 2021 were:  Jan. 1 $ 1 = § 0.50June 30 $ 1 = § 0.47Dec. 31 $ 1 = § 0.44Weighted average rate for the year $ 1 = § 0.46 What was the amount of the translation adjustment for 2021?   A)    $121,500 increase in relative value of net assets.  B)    $121,500 decrease in relative value of net assets. C)    $62,000 decrease in relative value of net assets. D)    $62,000 increase in relative value of net assets. E)    $58,500 increase in relative value of net assets.