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...

80.2K

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

Mechanical Engineering
1.2K views

A tank with a volume of 0.6 m3 contains 12 kg of refrigerant-134a at -220C. Calculate...

Accounting
1.2K views

Think back over your personal experiences with money and money management as an individual, a married...

Biology
1.2K views

Which of the following options is an exclusive instanc of the zone O Zone Scope...

Basic Math
1.2K views

Answer the questions below about the quadratic function.g(x)=2x + 12x+22Does the function have a minimum...

Statistics
1.2K views

0 4 A random sample of 1 200 units is randomly selected from a population...

Calculus
1.2K views

The measure of the angle 330 in standard position is given Find two positive angles...

Accounting
1.2K views

The following accounts appear in the ledger of Marigold Corp. after the books are closed...

Accounting
1.2K views

Hi-Tek Manufacturing Inc. makes two types of industrial component partsthe B300 and the T500. An...

Accounting
1.2K views

On June 30, 2017. Sharper Corporation's common stock is priced at $29.00 per share before...

Accounting
1.2K views

Required information Problem 6-1A (Algo) Calculate ending inventory and cost of goods sold for four...

Accounting
1.2K views

Required information Use the following information for the Exercises below. (Static) [The following information applies...

Accounting
1.2K views

Problem 13-40 (LO. 4) Since Garnet Corporation was formed five years ago, its stock has...