Jernigan Corp. had the following account balances at 12/1/20: Several of Jernigan's accounts have fair values that differ from book value. The fair values are: Land - $480,000; Building - $720,000; Inventory - $336,000; and Liabilities - $396,000. Inglewood Inc. acquired all of the outstanding common shares of Jernigan by issuing 20,000 shares of common stock having a $6 par value per share, but a $66 fair value per share. Stock issuance costs amounted to $12,000.Required:Prepare a fair value allocation and goodwill schedule at the date of the acquisition.

Flexibility of practice when applied to managerial accounting means that:

A) The information must be presented in electronic format so that it is easily changed.
B) Managers must be willing to accept the information as the accountants present it to them,rather than in the format they ask for.
C) Managerial accountants must be on call twenty-four hours a day.
D) Managerial accounting systems differ across companies depending on the nature of the business and the arrangement of its internal operations.
E) Managers must be flexible with information provided in varying forms and using inconsistent measures.

The federal budget deficit topped $250 billion for the first time in fiscal year _______.

Business messages should be

A) writer oriented.
B) purposeful.
C) complex.
D) lengthy.

Craig's Snowboards uses the perpetual inventory system and the gross method of accounting for sales,and had the following sales transactions during June:
Prepare the journal entries that Craig's Snowboards must make to record these transactions.

If gross investment is greater than depreciation,then net investment is _____________ and the economy is __________________.

A) positive,expanding
B) positive,shrinking
C) negative,expanding
D) negative,shrinking