On 1/1/2020,P co,purchased 70% of S co,outstanding shares for $150,000 when the fair value of...
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Accounting
On 1/1/2020,P co,purchased 70% of S co,outstanding shares for $150,000 when the fair value of S net assets were equal to the book values.The balance sheets of P and S Co at 1/1/2019 are summarized as follows: P S Assets 590,000 180,000 Liabilities 70,000 30,000 Capital stock 360,000 90,000 Retained earnings 160,000 60,000 If a consolidated balance sheet was prepared immediately after the business combination,the noncontrolling interest would be
Select one:
a. 45,000
b. 40,500
c. 27,000
d. 50,000
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