The fair value of Spring's recorded assets and liabilities equaled their carrying amounts. However, Spring...
80.2K
Verified Solution
Link Copied!
Question
Accounting
The fair value of Spring's recorded assets and liabilities equaled their carrying amounts. However, Spring had two unrecorded assetsa trademark with an indefinite life and estimated fair value of $ and licensing agreements estimated to be worth $ with fouryear remaining lives. Any remaining acquisitiondate fair value in the Spring acquisition ws considered goodwill. During Spring reported $ net income and declared and paid dividends totaling $ Also in Pasture reported $ net income, but neither declared nor paid dividends. Required: a What amount should Pasture assign to the percent noncontrolling interest of Spring at the acquisition date? b How much of consolidated net income should be allocated to the noncontrolling interest? c What amount of dividends should be allocated to the noncontrolling interest? d What amount of noncontrolling interest should appear in the owners' equity section of Pasture's consolidated balance sheet at December Answer is complete but not entirely correct. tablea Value to be assigned to noncontrolling interest NCI at acquisition date,$
The fair value of Spring's recorded assets and liabilities equaled their carrying amounts. However, Spring had two unrecorded assetsa trademark with an indefinite life and estimated fair value of $ and licensing agreements estimated to be worth $ with fouryear remaining lives. Any remaining acquisitiondate fair value in the Spring acquisition ws considered goodwill.
During Spring reported $ net income and declared and paid dividends totaling $ Also in Pasture reported $ net income, but neither declared nor paid dividends.
Required:
a What amount should Pasture assign to the percent noncontrolling interest of Spring at the acquisition date?
b How much of consolidated net income should be allocated to the noncontrolling interest?
c What amount of dividends should be allocated to the noncontrolling interest?
d What amount of noncontrolling interest should appear in the owners' equity section of Pasture's consolidated balance sheet at December
Answer is complete but not entirely correct.
tablea Value to be assigned to noncontrolling interest NCI at acquisition date,$
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.