The answer for mine was A–According to ASC Topic 360-35-26, if some but not all of the assets acquired in a business combination accounted for using the acquisition method are being tested for recoverability, the goodwill that arose from that transaction shall not be allocated to the assets unless the asset group includes a reporting unit.
Entor Co. sold equipment to Pan Co. For $50K. The equipment had a net book amount of $30K. The collections were $20K in the first year, $15K in the next year, and $15K in the last year. What is the amount of gross profit for the third year if Entor used the installment-sales accounting method?
I like the WTB too. I wish I had realized it had all these features when I used it for AUD. I seriously didn't utilize any of the good stuff. I just answered questions and that was it. Didn't ever look at the reports, the incorrect questions list, etc. What a dummy. Glad I passed or I would have been kicking myself repeatedly.
I have a horrible problem with skimming, I am not a detail reader AT ALL. So I waste a lot of time just comprehending the questions; sometimes I have to read and reread and reread the question before I can even start thinking about how to solve it. I am currently at 1 hour 11 minutes and I've only done 21 questions.
But i'm bouncing back and fourth between answering questions here and working on the questions in Becker.
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