On January 2, 20X2, Piranha Company acquired 70 percent of Salmon Corporation's common stock for $420,000 cash. At the acquisition date, the book values and fair values of Salmon' assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 30 percent of the total book value of Salmon. The stockholders' equity accounts of the two companies at the acquisition date are as follows:
Piranh Salmon
Common Stock ($10 par value) $600,000 $350,000
Additional Paid-In Capital 450,000 50,000
Retained Earnings 250,000 200,000
Total Stockholders' Equity $1,300,000 $600,000
Noncontrolling interest was assigned income of $15,000 in Piranh consolidated income statement for 20X2.
Based on the preceding information, what amount will be assigned to noncontrolling interest on January 2, 20X2, in the consolidated balance sheet?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On January 2, 20X2, Piranha Company acquired 70 percent of Salmon Corporation's common stock for $420,000 cash. At the acquisition date, ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
What form of payment displays the customer's routing number and account number? A. Cash B. Credit card C. Debit card D. Check
Answers (1)
On march 15, morgan corporation paid $1,000 to buy a one-year insurance policy that will expire exactly one year after the date of purchase.
Answers (1)
Yvette Bradbury is an account representative at Commerce Savings Bank, earning $45,600 annually, paid semimonthly. She contributes 3 percent of her gross pay to her qualified 401 (k) plan on a pre-tax basis and has a pre-tax medical premium of $60.
Answers (1)
On December 31, there were 31 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory?
Answers (1)
The last step in the marketing process often includes: collecting the cash from sales to consumers. developing a written report to summarize the results of the period's marketing activities. deciding the best way to distribute the product.
Answers (1)
New Questions in Business
The same person opens incoming mail and posts the accounts receivable subsidiary ledger.
Answers (1)
George failed to pay $5,000 of income tax due with the filing of his return, which was timely filed on April 15th. He waits until June 10th after April 15th to pay the tax. How much will his penalties be?
Answers (1)
On November 1, 2019, Juno, Inc. declared a dividend of $3.00 per share on common stock. Juno, Inc. has 10,000 shares of common stock outstanding and 20,000 shares of preferred stock.
Answers (1)
Fallon Corporation reports net income of $370,000. Accounts Receivable balances at the beginning and end of the year were $40,000 and $48,000, respectively. Beginning and ending Inventory balances were $60,000 and $54,000, respectively.
Answers (1)
An asset was purchased for $60,000 and originally estimated to have a useful life of 10 years with a residual value of $3,000.
Answers (2)