BUSCOM

15.The acquisition method does affect the recognition or measurement of the acquirer's assets and liabilities, as it is not only the acquiree's net assets that are the subject of the purchase transaction. True False

False

16. A company that pays the consideration for a business combination will be considered the acquirer, even if that company was not the one that acquired control over the group. a. True b. False

False

16.There is a Surviving Company in Consolidation. True False

False

17.Undervaluation or overvaluation of assets of the acquiree company will have the same effect on the book value of the shareholder's equity of the acquiree company, in comparison to the under/overvaluation of liabilities of the acquiree company True False

False

18.Under IFRS 3, any acquisition related cost incurred by the acquirer in relation to the business combination, whether direct of indirect are included in the consideration transferred True False

False

18.When the proportionate amount is used in the assigned value of the non-controlling interest, the resulting goodwill or gain on bargain purchase must also be called to the non-controlling interest True False

False

19.In a business combination which is brought about by the purchase of net assets of the other entity, the legal and economic entity are Separate True False

False

19.The determination and allocation of excess schedule will always yield the same result in the determination of goodwill/gain on bargain purchase allocation, when compared to the use of the controlling and non-controlling percentages. True False

False

2. There are 4 order of priorities in the offsetting of Stock Issuance Costs. a. True b. False

False

2. There is an overvaluation of the assets of the acquired company is their fair values are greater than their book values True False

False

20. If a majority vote is required in order for a corporate decision to be approved, then acquiring at least 50% of the authorized shares of the company will provide the acquirer with sole control over that company. a. True b. False

False

1. Any pre-acquisition retained earnings or pre-acquisition reserves of the subsidiary should be included in consolidated equity. True False

False

11. Non-controlling interest exists in net asset acquisition True False

False

11. The recognized amount of a Non-Controlling Interest, should always adopt the Proportionate Amount based on the net identifiable assets at fair slur of the acquire company. True False

False

20.Business Combination expenses are offsetting amounts against Share Premium, in a business combination True False

False

12.Pre-existing goodwill of the acquiree company forms part of total goodwill found in the surviving company's Statement of Financial Position True False

False

13.Stock issuance costs are first charged to Retained Earnings True False

False

14.Goodwill from the combination may be recognized in the separate books of the company being acquired True False

False

14.The Non-Controlling Interest in the Net Assets of the Subsidiary (NCINAS) is measured at the date of acquisition at fair value or proportionate share of the net identifiable assets of the parent. True False

False

15.The NCINAS is a liability account. True False

False

20.XYZ Company, a subsidiary acquired for cash, owned equipment with a fair value higher than the book value as of the date of acquisition. A consolidated statement of financial position prepared immediately after the acquisition would include this difference in retained earnings. True False

False

4. The Retained Earnings of the acquirer company will never be affected by the Stock Issuance Costs True False

False

5. Goodwill and Gain on Bargain Purchase as a result of separate business combinations involving a single acquirer company, can be offset against each other in net asset acquisition of two or more acquiree companies. True False

False

5. If the Investment in Subsidiary account is found in the separate books of the Parent Company during the date of acquisition, then such transaction took place before the business combination happened. True False

False

5. In statutory consolidation, the acquirer company is not dissolved. a. True b. False

False

5. Under the partial goodwill method, a part of goodwill is attributable to the non-controlling interest. a. True b. False

False

6. It is proper to refer to the financial statements of the surviving company as consolidated financial statements. True False

False

6. The Gain on Bargain Purchase appears in the separate Financial Statements of the Parent Company. True False

False

7. In stock acquisition, the acquiree company is dissolved. True False

False

7. The date of acquisition is the date when the acquirer has transferred the considerations to the acquiree or its representatives. a. True b. False

False

7. The pre-existing goodwill of an Acquire Company is an identifiable asset in Net Asset Acquisition. True False

False

7. There is a non-controlling interest in a net asset acquisition. a. True b. False

False

8. Goodwill and Gain on Bargain Purchase as a result of separate business combinations involving a single acquirer company, can be offset against each other in net asset acquisition of two or more acquiree companies. a. True b. False

False

9. Changes in the provisional amounts of net assets can only be charged against goodwill during the measurement period True False

False

9. Changes in the provisional amounts of net assets of the acquiree co. can only be charged against goodwill during the measurement period. a. True b. False

False

1. Contingent Consideration is part of consideration transferred by the acquirer to acquire the net assets of the acquiree. a. True b. False

True

1. In all cases, a gain on acquisition and a goodwill cannot arise from one and the same business combination. a. True b. False

True

1. The shareholders' equity of the acquiree company is not included in the financial statement of the surviving company under net asset Acquisition. True False

True

10. A company is not dissolved even if 100% of its shares have been acquired by another single entity. a. True b. False

True

10. The measurement period can end before the one year from the date of acquisition period. a. True b. False

True

10.Contingent Consideration is part of consideration transferred by the acquirer to acquire the net assets of the acquiree True False

True

10.The Determination and Allocation of Excess Schedule is an effective way to allocate Goodwill/Gain on Bargain Purchase between controlling and non-controlling interests. True False

True

12.The starting point in consolidation is the elimination of the Shareholders' Equity of the acquiree company in the working papers. True False

True

13.The net asset amounts in the Surviving Company's Statement of Financial Position can be likened to the Consolidated Statement of Financial Position's net asset amounts if the controlling percentage of the investor over the investee is at 100%. True False

True

14.Any stock issuance cost that arises from a business combination shall be treated as a contra-equity. a. True b. False

True

16.The amount of the book value of the acquiree company's shareholders' equity can be a starting point in the computation of the fair value of the net identifiable assets of the acquiree company True False

True

17.The IASB standard (IFRS 3 Business Combinations) issued with respect to the treatment of negative goodwill requires that: it must be recognized in income immediately True False

True

19. In the consolidated financial statements of a parent an its wholly-owned subsidiary, there will be no non-controlling interest presented in the statement of financial position as part of its consolidated shareholders equity. a. True b. False

True

2. Control may exist when the parent owns half or less of the voting power of an entity. True False

True

3. Goodwill or Income from Acquisition is computed by deducting from Total Consideration Transferred by the Acquirer Company the Identifiable Net Assets at Fair Value of the Acquire Company. True False

True

3. The pre-existing goodwill of an acquiree company in a net asset acquisition is not identifiable True False

True

3. The shareholders' equity of the acquiree company is not included in the financial statement of the surviving company under net asset acquisition. a. True b. False

True

4. Goodwill in the books of the parent company will form part of the Consolidated Goodwill presented in the Consolidated Statement of Financial Position. True False

True

4. The pre-existing goodwill of an acquiree company in a net asset acquisition is not identifiable. a. True b. False

True

6. The first step in the acquisition process is to identify the acquirer. a. True b. False

True

8. Gain on Bargain Purchase is found in the books of the surviving Company True False

True

8. The Fair Value of the Previously Held Interest in a business combination achieved in stages is not always given in a particular problem. True False

True

9. There are working papers kept for the group entity prepared at the end of each reporting period, which combine the separate financial statements of a parent and its subsidiaries. True False

True

1. The entry to amortize the amount of difference between fair value and book value allocated to a Subsidiary's intangible is recorded 1. On the subsidiary's books 2. On the parent's books 3. On the consolidated statements work paper a. 3 a. 1 b. 2 c. Both2and3

a. 3

19. Which of the following would NOT be included in the acquisition cost? a. Fair value of any shares issued. b. Share issue costs. c. Fair value of contingent consideration. d. Fair value of assets transferred.

b. Share issue costs.

15.PFRS 10 Consolidated Financial Statements outlines the requirements for identifying the company that is the acquirer in a business combination when it's not clear who that is. Which is NOT a consideration in determining which company is the acquirer? a. Any by-laws or provisions of the incorporation acts of each company that details the manner in which a business combination will occur at law. b. Relative holdings of voting shares in the combined entity. c. Voting rights of the respective parties after the combination of their businesses. d. If the means of payment is cash, which party is paying the cash.

a. Any by-laws or provisions of the incorporation acts of each company that details the manner in which a business combination will occur at law.

14. Company Y purchases a controlling interest in Company Z on January 1, 2019. Which of the following would appear as the Shareholders' Equity amount on Company Y's Consolidated Balance Sheet on the date of acquisition? a. Company Y's Shareholders' Equity. b. Company Y's Shareholders' Equity as well as Company Y's proportional share of Company Z's net assets at book value. c. Company Y's Shareholders' Equity as well as Company Y's proportional share of Company Z's net assets at fair market value. d. The sum of the Shareholders' Equity of both companies.

a. Company Y's Shareholders' Equity.

3. IFRS 10 defines them as financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic unit. a. Consolidated financial statements b. Separate financial statements c. Group financial statements d. Combined financial statements

a. Consolidated financial statements

18. Which of the following must be possible in order for a business combination to exist? a. Control of a subsidiary's net assets that constitute a business b. Ownership of all of a subsidiary's operating assets c. Ownership of 100 % of a subsidiary's voting shares d. Ownership of all of a subsidiary's assets

a. Control of a subsidiary's net assets that constitute a business

11. The working paper for intercompany dividends: a. Debiting Dividend Account came from Subsidiary b. Crediting the Dividend Account came from Parent c. Crediting NCI-BS Account d. Debiting Dividend Revenue Account from Parent

a. Debiting Dividend Account came from Subsidiary

16. If the fair value of the subsidiary's identifiable liabilities exceeds both the book value, the work paper entry to eliminate the investment account a. Debits difference between book and fair value b. Credits difference between implied and book value c. Debits excess of fair value over implied value d. Debits difference between implied and book value

a. Debits difference between book and fair value

18. Which of the following income items shall affect CNI to Parent/(CONSORE) only but not NCINI/(NCINAS)? a. Dividend income of parent coming from subsidiary b. Impairment loss of goodwill from business combination initially measured using fair value of NCI. c. Amortization of difference between the fair value and book value of the assets and liabilities of the subsidiary. d. Unrealized/realized income/expense arising from upstream transactions or from subsidiary to parent.

a. Dividend income of parent coming from subsidiary

5. When a company purchases another company that has existing goodwill and the transaction is accounted for as a stock acquisition, the goodwill should be treated in the following manner a. Goodwill is not recorded until all assets are stated at full fair value b. Goodwill is treated consistent with other tangible assets a. Goodwill on the books of an acquired company should be disregarded b. Goodwill is recorded prior to recording fixed assets

a. Goodwill is not recorded until all assets are stated at full fair value

11. During the measurement period, which of the following may affect the amount of goodwill from business combination? a. New information regarding estimates in the contingent consideration that are existing at the date of acquisition. b. New information regarding estimates in the contingent consideration c. New information regarding estimates in the contingent consideration that are not existing at the date of acquisition d. Nothing can affect the amount of goodwill.

a. New information regarding estimates in the contingent consideration that are existing at the date of acquisition.

9. Statement 1: In a step acquisition, the carrying amount of previously held shares at FVPL or FVOCI using fair value method is exactly the amount to be transferred to investment in subsidiary in the books of the parent. Statement 2: In a step acquisition, the carrying value of previously held shares of an associate measured using equity method is exactly the amount to be transferred to investment in subsidiary in the books of the parent. a. Statement 1 is true, statement 2 is false b. Both statements are false c. Both statements are true d. Statement 2 is true, statement 1 is false

a. Statement 1 is true, statement 2 is false

11. Which of the following pertaining to Consolidated Financial Statements is correct? a. When one company has control over another, Consolidated Financial Statements must be prepared for the combined entity. b. The preparation of Consolidated Financial Statements means that the companies involved cease to operate as separate legal entities. c. The preparation of Consolidated Financial Statements is at the Parent Company's discretion. d. Before preparing Consolidated Financial Statements, a subsidiary's Financial Statements prior to the date of acquisition must be restated.

a. When one company has control over another, Consolidated Financial Statements must be prepared for the combined entity.

12. In computing for the consolidated net income, all dividends declared by the subsidiary company shall be deducted from the parent's separate net income. a. True b. False

b. False

15. The sum of the depreciation expenses in the separate income statements of a parent and its subsidiary will be exactly the depreciation expense in their consolidated income statement. a. True b. False

b. False

3. Statement 1: At the date of acquisition, an acquirer paid P100,000 for legal fees and P50,000 of printing of newly issued shares. These amounts will not affect the goodwill or gain on acquisition that will arise from business combination. Statement 2: At the date of acquisition, an acquirer incurred but has not yet paid P100,000 for legal fees and P50,000 of printing of newly issued shares. These amounts will not affect the total assets after business combination. a. Statement 1 is true, statement 2 is false b. Both statements are true c. Both statements are false d. Statement 2 is true, statement 1 is false

b. Both statements are true

20.Which of the following regarding the preparation of Consolidated Financial Statement is correct? a. Consolidated Financial Statements are required only when both companies are publicly traded. b. Consolidated Financial Statements are required by the Parent Company for reporting purposes only; each company must continue to prepare its own Financial Statements. c. Once the parent company prepares Consolidated Financial Statements, it no longer needs to prepare financial statements for its own activities. d. Only the subsidiaries are required to prepare Financial Statements.

b. Consolidated Financial Statements are required by the Parent Company for reporting purposes only; each company must continue to prepare its own Financial Statements.

18.Which of the following principles of accounting explains why we consolidate financial statements a. Going concern assumption b. Economic entity assumption c. Materiality d. Monetary unit assumption

b. Economic entity assumption

2. Under PFRS10, control is obtained through the following aspects, EXCEPT: a. Exposure, or rights, to variable returns from involvement with the investee b. Significant influence c. The ability to affect the amount of investors' returns d. Power over the investee

b. Significant influence

17. In the separate books of the parent company that accounts for its investment in subsidiary using the cost method, dividend income received from the subsidiary __________. a. shall be eliminated in the books of the parent. b. shall be treated as income in the profit and loss of the parent company c. shall decrease the investment account if investment d. shall increase the investment account if investment

b. shall be treated as income in the profit and loss of the parent company

12. Under IFRS 10, parent corporation is the entity that controls one or more entities. How does IFRS 10 define control? a. An investor controls an investee when it owns more than 50% of all the outstanding capital stocks, whether common or preferred b. An investor controls an investee when it has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. c. An investor controls an investee when it is exposed, or has right to variable return from the investment with the investee and has the ability to affect those returns through the power over the investee. d. An investor controls an investee when it has the ability to influence the financial and operating policies of an entity so as to obtain benefits from its activities

c. An investor controls an investee when it is exposed, or has right to variable return from the investment with the investee and has the ability to affect those returns through the power over the investee.

13. LGM will purchase all of the net assets of ESV by transferring its shares in YYZ. Because of this CONSIDERATION transferred to ESV, the ____________. a. Liability of LGM will increase b. Paid-in capital of LGM will increase c. Assets of LGM will decrease d. Retained earnings of LGM will increase

c. Assets of LGM will decrease

19. What is the primary accounting difference between accounting for when the subsidiary is dissolved and when the subsidiary retains its incorporation? a. If the subsidiary is dissolved, assets and liabilities are consolidated at their book values b. If the subsidiary retains its incorporation, assets and liabilities are consolidated at their book values c. If the subsidiary retains its incorporation, the consolidation is not formally recorded in the accounting records of the acquiring company d. If the subsidiary retains its incorporation, there will be no goodwill associated with the acquisition

c. If the subsidiary retains its incorporation, the consolidation is not formally recorded in the accounting records of the acquiring company

6. Noncontrolling interest in net assets 1 year after the date of acquisition on consolidated financial statement can be calculated by a. NCI in net assets at the date of acquisition which resulted in gain on bargain purchase plus share of NCI on Subsidiary's Net income adjusted by amortization of any excess less share of NCI on Subsidiary's declared dividend less appropriate share of NCI on goodwill impairment if any b. NCI in net assets at the date of acquisition which resulted in goodwill under proportionate basis plus share of NCI on Subsidiary's Net income adjusted by amortization of any excess less share of NCI on Subsidiary's declared dividend less appropriate share of NCI on goodwill impairment if any c. NCI in net assets at the date of acquisition which resulted in goodwill under fair value basis plus share of NCI on Subsidiary's Net income adjusted by amortization of any excess less share of NCI on Subsidiary's declared dividend less appropriate share of NCI on goodwill impairment if any d. NCI in net assets at the date of acquisition which resulted in gain on bargain purchase plus share of NCI on Subsidiary's Net income adjusted by amortization of any excess less share of NCI on Subsidiary's declared dividend plus share of NCI on gain on bargain purchase

c. NCI in net assets at the date of acquisition which resulted in goodwill under fair value basis plus share of NCI on Subsidiary's Net income adjusted by amortization of any excess less share of NCI on Subsidiary's declared dividend less appropriate share of NCI on goodwill impairment if any

6. Under a normal circumstance when an acquirer acquired a controlling interest in another company by purchasing less that 100% of the latter's outstanding shares, which of the following is LEAST likely? a. The consolidation will result to a gain on acquisition that is only attributable to the controlling interest. b. The consolidation will result to a goodwill that is only attributable to the controlling interest c. The consolidation will result to a gain on acquisition that is only attributable to the non-controlling interest d. The consolidation will result to a goodwill that is attributable to both controlling and non-controlling interests

c. The consolidation will result to a gain on acquisition that is only attributable to the non-controlling interest

17.The process of preparing Consolidated Financial Statements involves the elimination of inter-company transactions between a Parent Company and its subsidiary. Where would these entries be recorded? a. The effect of any inter-company transaction must be reflected on the books of both companies. b. On the Parent's books only. c. The entries are not recorded in the books of either company. The entries are only made on the working papers. d. On the Subsidiary's books.

c. The entries are not recorded in the books of either company. The entries are only made on the working papers.

13. On the date of acquisition, consolidated retained earnings and consolidated ordinary shares in shareholders' equity is equal to: a. the sum of the parent and subsidiary's shareholders' equity. b. the subsidiary's shareholders' equity. c. the parent's shareholders' equity. d. the sum of the parent's shareholders' equity plus its pro rata share of the subsidiary's shareholders' equity.

c. the parent's shareholders' equity.

d. Adjusted net income of subsidiary is shared by Parent's holding interest and noncontrolling interest

d. Adjusted net income of subsidiary is shared by Parent's holding interest and noncontrolling interest

2. A parent buys 32 percent of a subsidiary in one year and then buys an additional 40 percent in the next year. A a step acquisition of this type, the original 32 percent acquisition should be a. Adjusted to its equity method balance at the date of the second acquisition b. Adjusted to fair value at the date of the second acquisition with a resulting adjustment to additional paid-in capital c. Maintained at its initial value d. Adjusted to fair value at the date of the second acquisition with a resulting gain or loss recorded

d. Adjusted to fair value at the date of the second acquisition with a resulting gain or loss recorded

8. PAS 27 as amended defines Separate Financial Statements as those presented by a parent or an investor with joint control of, or significant influence over, in addition to its consolidated financial statements. Under PAS 27 as amended, Investment in Subsidiary shall be accounted for by the parent it its separate financial statements using: a. Equity Method under PAS 28 b. Cost Method c. Fair value model under PFRS 9 d. Any of the above

d. Any of the above

9. Which of the following is true regarding gain on bargain purchase in consolidated net income? a. In case the result is gain on bargain purchase, the amount of gain is included on Consolidated Retained Earnings if the consolidation is made right after the date of acquisition. b. In case the result is gain on bargain purchase, the amount of gain is included on Consolidated Net Income attributable to parent if the consolidation is made within one year after the date of acquisition c. Both are false d. Both are true

d. Both are true

4. The PharMali Company acquired 80% of the DOH Company for a consideration transferred of P100M. The consideration was estimated to include a control premium of P24M. DOH's net asset's were P85M at the-acquisition date. Statement A : Goodwill should be measured at P32M if the non-controlling interest is measured at its share of DOH's net assets. Statement B : Goodwill should be measured at P34M if the non-controlling interest is measured at fair value. Are the following statements true or false? a. Only statement B is true b. Only statement A is true c. Both statements are false d. Both statements are true

d. Both statements are true

8. In accordance will all applicable IFRS, a parent company is required to prepare ____________. a. Its own separate financial statements b. A set of consolidated financial statements c. Neither A nor B d. BothAandB

d. BothAandB

4. A parent company acquired shares to gain control over a subsidiary company. The fair value of the inventory of the subsidiary on the date of acquisition is understated. Which of the following is LEAST likely to be affected (on or subsequent to date of acquisition) because of these facts? a. Goodwill arising from business combination b. Cost of goods sold c. Inventory d. Depreciation expense

d. Depreciation expense

10. Control premium included on the price paid by the investor to the former owners of the shares of a now - subsidiary of that investor which is done due to the expected synergies such as increase in cashflows is accounted as a. Included on the amount of investment in determining goodwill/gain on bargain purchase to be presented on Parent's book on acquisition of share transaction b. Included on the amount of previously held investment in determining goodwill/gain on bargain purchase to be presented on consolidated financial statement book on acquisition of share transaction c. Excluded from the amount of investment in determining implied fair value of noncontrolling interest based on proportionate share of NCI on subsidiary's fair value of net assets d. Excluded from the amount of investment in determining implied fair value of noncontrolling interest and compare it on proportionate share of NCI on subsidiary's fair value of net assets

d. Excluded from the amount of investment in determining implied fair value of noncontrolling interest and compare it on proportionate share of NCI on subsidiary's fair value of net assets

15. If the aggregate of the (a) consideration transferred measured in accordance with this IFRS, which generally requires acquisition-date fair value; (b) the amount of any non-controlling interest in the acquiree measured in accordance with IFRS 3; and (c) in a business combination achieved in stages, the acquisition-date fair value of the acquirer's previously held equity interest in the acquiree is less than the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed measured in accordance with IFRS 3 (FVNAA), the difference shall be classified as a. Gain or bargain purchase to be presented as part of profit or loss on the parent's financial statement b. Goodwill to be presented as noncurrent asset of the parent in stock acquisition c. Goodwill to be presented as noncurrent asset on the consolidated financial statement d. Gain or bargain purchase to be presented as part of profit or loss on the consolidated financial statement

d. Gain or bargain purchase to be presented as part of profit or loss on the consolidated financial statement

17.Which of the following is true regarding the accounting for goodwill impairment on consolidation of financial statements? a. NCI in net asset may have a share on the goodwill impairment under proportionate basis by multiplying the NCI sharing rate (NCI share in goodwill /NCI in net assets on the date of acquisition) with the amount of impairment b. NCI in net asset may have a share on the goodwill impairment under proportionate basis by multiplying the NCI rate with the amount of impairment c. NCI in net asset may have a share on the goodwill impairment under fair value basis by multiplying the NCI rate with the amount of impairment if NCI in net assets is proportionated from cost of investment assuming control premium is included d. NCI in net asset may have a share on the goodwill impairment under fair value basis by multiplying the NCI rate with the amount of impairment if NCI in net assets is proportionated from cost of investment assuming no control premium is included

d. NCI in net asset may have a share on the goodwill impairment under fair value basis by multiplying the NCI rate with the amount of impairment if NCI in net assets is proportionated from cost of investment assuming no control premium is included

16. During an acquisition, when should intangible assets NOT be recognized apart from Goodwill? a. The assets have been identified and accounted for by the subsidiary. b. The assets have been identified but not accounted for by the subsidiary. c. The assets can be sold, licensed or exchanged. d. The assets have been accounted for by the subsidiary but have no Fair Value on the date of acquisition.

d. The assets have been accounted for by the subsidiary but have no Fair Value on the date of acquisition.

14. Which of the following income items shall not affect both CNI to Parent/(CONSORE) and NCINI/(NCINAS)? a. Unrealized/realized income/expense arising from downstream transactions or from parent subsidiary b. Gain on bargain purchase arising from business combination c. Impairment loss of goodwill from business combination initially measured using proportionate d. Unrealized/realized income/expense arising from transactions between two subsidiaries owned by the same parent

d. Unrealized/realized income/expense arising from transactions between two subsidiaries owned by the same parent

13. Eliminating entries are made to cancel the effects of intercompany transactions and are made on the a. Books of the parent company b. Books of both the parent and the subsidiary c. Books of the subsidiary company d. Working paper only

d. Working paper only

12. The IASB standard (IFRS 3 Business Combinations) issued with respect to the treatment of the opposite of Goodwill requires that: a. it must be reflected as an increase in Liabilities and a Reduction in Capital for the Parent Company. b. it must be recognized in income immediately as an extraordinary item. c. it can be deferred and amortized over a maximum of 40 years. d. it must be recognized in income immediately.

d. it must be recognized in income immediately.

7. The consolidation working paper entry after the date of acquisition for an equipment belonging to parent with fair value increase on the date of acquisition would include a. debit to accumulated depreciation from the date of acquisition to current period b. debit to depreciation expense for current period only c. debit to depreciation expense from the date of acquisition to current period d. no entry

d. no entry