Parent Inc. and Sub Inc. had the following balance sheets on July 31, 2019: ...
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Parent Inc. and Sub Inc. had the following balance sheets on July 31, 2019:
| Parent Inc | Sub Inc | Sub Inc | |
| (carrying value) | (carrying value) | (fair value) | |
| Cash | $180,000 | $36,000 | $36,000 |
| Accounts Receivable | $100,000 | $40,000 | $40,000 |
| Inventory | $ 60,000 | $24,000 | $27,000 |
| Plant and Equipment (net) | $200,000 | $80,000 | $93,000 |
| Goodwill | $ - | $ 8,000 | |
| Trademark | $ - | $12,000 | $15,000 |
| Total Assets | $540,000 | $200,000 | |
| Current Liabilities | $ 80,000 | $50,000 | $50,000 |
| Bonds Payable | $320,000 | $20,000 | $24,000 |
| Common Shares | $ 90,000 | $80,000 | |
| Retained Earnings | $ 50,000 | $50,000 | |
| Total Liabilities and Equity | $540,000 | $200,000 |
Assuming that Parent Inc acquires 80% of Sub Inc on August 1, 2019 for cash of $180,000, what amount would appear in the Non-Controlling Interest (NCI) Account on the Consolidated Balance Sheet on the date of acquisition if the proportionate consolidation method were used?
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