a. The victim of fraud
b. The police
c. Any of the three credit reporting agencies
d. The company that accepted a stolen credit card or false information
The victim of identity fraud is responsible for reporting the incident, but it is also important to involve the police and credit reporting agencies. The victim should also notify the company that accepted the stolen credit card or false information.
The responsibility for reporting identity fraud lies with the victim of fraud. When an individual becomes a victim of identity theft or fraud, it is important for them to promptly report the incident to the local police. The police can then investigate the matter and gather evidence to help catch the perpetrators. Additionally, the victim should also report the fraud to the three major credit reporting agencies, namely Equifax, Experian, and TransUnion.
These agencies can place a fraud alert on the victim's credit report, making it difficult for the thief to open new accounts in their name. Lastly, in cases where a stolen credit card or false information was used, the victim should inform the company that accepted the fraudulent transactions. This allows the company to take appropriate action and protect other consumers.
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Explanation:
Book Value Fair Value
Buildings (10-year life) $10,000 $8,000
Equipment (4-year life) 14,000 18,000
Land 5,000 12,000
Any excess consideration transferred over fair value is attributable to an unamortized patent with a useful life of 5 years.
In consolidation at December 31, 2011, what adjustment is necessary for Hogan's Equipment account?
A) $1,800 increase
B) No adjustment is necessary
C) $2,000 increase
D) $1,800 decrease
E) $2,000 decrease
Answer:
Option (C) is correct.
Explanation:
Increase in equipment value as on 01-Jan 2019:
= Market value - Book value
= $18,000 - $14,000
= $4000
Depreciation for 2019:
= $4000 ÷ 4
= $1000
Depreciation for 2020:
= $4000 ÷ 4
= $1000
In consolidation adjustment to equipment at Dec 31,2020:
= Increase in equipment value - Depreciation for 2019 - Depreciation for 2020
= $4000 - $1000 - $1000
= $2000 Increase
To adjust Hogan's Equipment account in the consolidation, an increase of $1,800 should be made, representing the amortization of the fair value adjustment for McGuire's share of Hogan over two years.
The question at hand involves determining the necessary adjustment for Hogan's Equipment account in the consolidation process on December 31, 2011, after McGuire Company acquired 90 percent of Hogan Company. Given that the book value of Hogan's equipment is $14,000 and the fair value is $18,000, there is a $4,000 fair value increment. Since the equipment has a useful life of 4 years, $1,000 ($4,000/4 years) should be amortized each year.
By the end of 2011, this amortization impact for two years ($1,000 * 2) should be $2,000. However, McGuire only owns 90% of Hogan, so the adjustment for the Equipment account on McGuire's consolidation worksheet is $1,800 ($2,000 * 90%). Thus, the correct adjustment is a $1,800 increase in the Equipment account to reflect the amortization of the fair value adjustment for McGuire's share of Hogan.
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The level of development for a country does not indicate how well a nation administers foreign policy. Gradpoint approved