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On January 1, 20X6, Alpha Corporation acquired 90 percent of Beta Corporation for $180,000 cash. On January 1, 20X6, the fair value of the noncontrolling interest was $20,000. On that date, Beta reported common stock outstanding of $100,000 and retained earnings of $60,000. It held land with a book value of $30,000 and a market value of $35,000 and equipment with a book value of $50,000 and a market value of $60,000 at the date of combination. The remainder of the differential at acquisition was attributable to an increase in the value of patents, which had a remaining useful life of five years. All depreciable assets held by Beta at the date of acquisition had a remaining economic life of five years. Beta reported net income of $30,000 and dividends of $10,000 for 20X6. It reported net income of $40,000 and dividends of $10,000 for 20X7. Alpha uses the equity method in accounting for its investment in Beta. Answer the following questions: (Do not add dollar sign; do not add comma to your amount; round the answer to the whole number) The amount of differential assigned to patents would be What amount should Alpha report as Income from Beta on its 20X6 income statement? What amount should Alpha report as Income from Beta on its 20X7 income statement? Compute the balance reported by Alpha as its investment in Beta at December 31, 20X7. . In the December 31, 20X6, consolidated balance sheet, the amount of noncontrolling interest reported should be

On January 1,206, Alpha Corporation acquired 90 percent of Beta Corporation for $180,000 cash. On January 1,206, the fair value of the noncontrolling interest was $20,000. On that date, Beta reported common stock outstanding of $100,000 and retained earnings of $60,000. It held land with a book value of $30,000 and a market value of $35,000 and equipment with a book value of $50,000 and a market value of $60,000 at the date of combination. The remainder of the differential at acquisition was attributable to an increase in the value of patents, which had a remaining useful life of five years. All depreciable assets held by Beta at the date of acquisition had a remaining economic life of five years. Beta reported net income of $30,000 and dividends of $10,000 for 206. It reported net income of $40,000 and dividends of $10,000 for 207. Alpha uses the equity method in accounting for its investment in Beta. Answer the following questions: (Do not add dollar sign; do not add comma to your amount; round the answer to the whole number) - The amount of differential assigned to patents would be - What amount should Alpha report as income from Beta on its 206 income statement? - What amount should Alpha report as Income from Beta on its 207 income statement? - Compute the balance reported by Alpha as its investment in Beta at December 31, 207. - In the December 31,20X6, consolidated balance sheet, the amount of noncontrolling interest reported should be

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