1)When Peter Pan Co. acquired 75% of the common stock of Smee Corp., Smee owned land with a book value of $70,000 and a fair value of $100,000.

What is the amount of excess land allocation attributed to the controlling interest at the acquisition date?
A. $0.
B. $30,000.
C. $22,500.
D. $25,000.
E. $17,500.

2) Perch Co. acquired 80% of the common stock of Salem Corp. for $1,600,000. The fair value of Salem's net assets was $1,850,000, and the book value was $1,500,000. The noncontrolling interest shares of Salem Corp. are not actively traded.

What amount of goodwill should be attributed to Perch at the date of acquisition?
A. $150,000.
B. $250,000.
C. $0.
D. $120,000.
E. $170,000.

3) When Peter Pan Co. acquired 80% of the common stock of Smee Corp., Smee owned land with a book value of $70,000 and a fair value of $100,000.

What amount should have been reported for the land in a consolidated balance sheet at the acquisition date?
A. $56,000.
B. $70,000.
C. $80,000.
D. $96,000.
E. $100,000

During the year ended December 31, 2019, Parent Company (the parent) sold merchandise to Subsidiary Corporation (a 90%-owned subsidiary) for a price of $32,340, at a markup of 32% of cost. Subsidiary sold merchandise acquired from Parent to outsider customers for $38,500 during 2019. Included in Subsidiary’s January 1, 2019, inventories were goods acquired from Parent at a billed price of $3,036 and included in Subsidiary’s December 31, 2019, inventories were goods acquired from Parent at a billed price of $2,310.

(i)         Prepare the working paper eliminating entries (in journal entry format) related to the intercompany sale of merchandise for the year ended December 31, 2019.

(ii)        Show how the working paper eliminating entry in part (i) adjusts cost of goods sold and ending inventory to the correct consolidated balances.

(iii)       How (increase or decrease and the amount) is Parent’s 2019 equity in income of Subsidiary affected by the intercompany sale of merchandise?

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What is Varshney’s argument for why lower caste Hindus in India overall have fared better in the southern states compared to the northern states since independence?

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Comparison and Contrasts of United Kingdom and Haiti Health Care Systems?

Q. Assume a basket that costs $100 in the U.S. would cost $120 in the United Kingdom. (18 pts)

a) What is the U.S. real exchange rate, qUS/UK, with the United Kingdom? Intuitively, what does this real exchange rate imply? (5 pts)

b) Does PPP hold true here? Why? (5 pts)

c) Instead, let’s assume that a basket that costs $100 in the U.S. would cost also $100 in the United Kingdom. For the next year, the Fed is predicted to keep U.S. inflation at 2% and the Bank of England is predicted to keep U.K. inflation at 3%. Does PPP hold true here? If so, use relative PPP to predict what will happen to the dollar’s value against the poundin one year’s time. (8 pts)

Q. Assume a basket that costs $100 in the U.S. would cost $120 in the United Kingdom. (18 pts)

a) What is the U.S. real exchange rate, qUS/UK, with the United Kingdom? Intuitively, what does this real exchange rate imply? (5 pts)

b) Does PPP hold true here? Why? (5 pts)

c) Instead, let’s assume that a basket that costs $100 in the U.S. would cost also $100 in the United Kingdom. For the next year, the Fed is predicted to keep U.S. inflation at 2% and the Bank of England is predicted to keep U.K. inflation at 3%. Does PPP hold true here? If so, use relative PPP to predict what will happen to the dollar’s value against the poundin one year’s time. (8 pts)