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

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Hewlett Packard recently paid a dividend of $2.50 for 2016, and going forward, their dividend is...

Finance
Q

Explain the different ways in which the Presocratics wrestled with and attempted to explain the problem...

Biology
Q

Draw a position-vs-time, velocity-vs-time, and acceleration-vs-time graph for each of the following objects: 1. A car traveling...

Physics
Q

Consider a particle with a charge-to-mass ratio of ?/? = 1 moving in a uniform magnetic...

Physics
Q

Walt, age 62, worked as an assembler for a private manufacturer and is a member of...

General Management
Q

Select a HEDIS measure. Identify which types of health care organizations must meet this measure, what...

General Management
Q

9 A thin spherical shell of radius R carries uniform surface charge density o It...

Physics
Q

3 Suppose that X and Y are two independent random variables P X a Y...

Basic Math
Q

The is found by adding all the data values and dividing by the total number...

Algebra
Q

Question #5: Instructions: Prepare a statement of cash flows for the year ended...

Accounting
Q

Samson Winery in Pleasant Valloy, New York, has two departments: Formenting and Packaging. Direct materials...

Accounting
Q

The cash flow streams for four alternative investment A B, C and Dare: Calculate the...

Finance