Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 3, 2019, p company acquired 82 percent

On January 3, 2019, P Company acquired 82 percent of S Company's common stock for...

90.2K

Verified Solution

Question

Accounting

image
On January 3, 2019, P Company acquired 82 percent of S Company's common stock for $360,800 in cash. At the acquisition date, the book values and fair values of S's assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 18 percent of the total book value of S. The stockholders' equity accounts of the two companies at the acquisition date are: Common Stock ($5 par value) Additional Paid-In Capital Retained Earnings Total Stockholders' Equity P Company Company $ 500,000 $ 200,000 300,000 80,000 350,000 160,000 $ 1,150,000 $ 440,000 Noncontrolling interest was assigned income of $11,000 in P's consolidated income statement for 2019. Based on the preceding information, what amount will be assigned to the noncontrolling interest on January 3, 2019, in the consolidated balance sheet

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

Statistics
1.2K views

You wish to test the following claim (Ha) at a significance level of α=0.001       Ho:μ=60.4       Ha:μ≠60.4 You believe the...

Chemistry
1.2K views

How many grams of NaOH are needed to prepare 600.0 mL of a solution with pH...

Physics
1.2K views

60 A short bar magnet placed in a horizontal plane has its axis aligned along...

Geometry
1.2K views

Listen Find the value of the highlighted angle 13x1 11x 13

Geometry
1.2K views

What is P factor of 18 Simplify your answer and write it as a fraction...

Geometry
1.2K views

The headings and sub headings in the table of contents should exactly match the headings...

Statistics
1.2K views

A researcher states that bone density in women is negatively associated with age This means...

Algebra
1.2K views

What value of r makes the equation below true?19/(4r-1)=5F. 1G. 1.(1/5)H. 5J. 1.(4/5)

Accounting
1.2K views

The exporter is responsible for issuing a pro-forma invoice True False

Accounting
1.2K views

ACCT122 - Introductory Financial Accounting I Assignment #2 Chapter 3 Name: V146 Student...

Accounting
1.2K views

Dunhams Sporting Goods purchases merchandise with a catalog list price of $35,000. The retailer receives...

Finance
1.2K views

Explain the role of Inventory in a production system. If a company follow concept of...