Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. i need the answer as soon as possible x co acqui

I need the answer as soon as possible X Co acquired 80% of...

90.2K

Verified Solution

Question

Accounting

I need the answer as soon as possible image

X Co acquired 80% of Y Co outstanding capital stock for $430,000 cash. Immediately before the purchase, the balance sheets of both corporations reported the following: Assets 2,000,000 750,000 Liabilities 750,000 400,000 Common Stock 1,000,000 310,000 Retained Earnings 250,000 40,000 Liabilities & Stockholders' Equity 2,000,000 750,000 At the date of purchase, the fair value of Y assets was $50,000 more than the Book value amounts. In the consolidated balance sheet prepared Immediately after the purchase the non controlling interest should amount to Select one: a. 107,500 b 215,000 C. 137,500 d. 86,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students