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On January 1, 2007 Mining Corp. purchased 80% of the common...

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Accounting

On January 1, 2007 Mining Corp. purchased 80% of the common stock of Glass Inc. for $6,400,000.

At that time, Glass's fair value was $8,000,000 and its book value was $7,000,000.

Mining determined that the fair value of Glass's identifiable net asset equaled their book value,

except for an unrecorded customer list, worth $450,000, with a 10-year life. Any remaining

excess fair value is allocated to goodwill. Mining uses the equity method.

a) The allocation of excess fair value schedule at 1/1/2007

b) The allocation of goodwill to controlling and noncontrolling interests at 1/1/2007

c) The 12/31 allocation of consolidated net income to controlling and non controlling interest for 2007

d) The 12/31 balance in the Investment in Glass account and for the noncontrolling interest for each year

e) All necessary equity entries by Mining

f) All required consolidation entries

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