Parent acquires 60% of Subsidiary Corp for $500,000 on January 1, 2012. The remaining 40% is valued at $250,000. The consolidation date is 12/31/15. On the acquisition date Subsidiary had the following assets and liabilities:
BOOK FAIR VALUECash 150,000 150,000 Accounts Receivable 200,000 200,000 Buildings - 6 year life 300,000 360,000 Equipment - 4 year life 300,000 280,000 Customer List - 10 year life 100,000 Liabilities (400,000) (400,000)Retained Earnings 153,334
On 12/31/15 the following is available
ParentSubsidiary Current Assets 244,000 100,000 Investment in Subsidiary 500,000 Buildings (net) 700,000 200,000 Equipment (net) 400,000 500,000 Land 220,000 200,000 Total 2,064,000 1,000,000 Liabilities (500,000) (200,000)Common Stock (724,000) (480,000)Retained Earnings 12/31 (840,000) (320,000) Total (2,064,000) (1,000,000) Revenue (600,000) (300,000)Operating expenses 410,000 210,000 Dividend Income (42,000) Net Income separate company (232,000) (90,000) Retained Earnings 1/1 (700,000) (300,000)Net Income (232,000) (90,000)Dividends 92,000 70,000 Retained Earnings 12/31 (840,000) (320,000)
What is the amount of the (*C) entry ?
What is the amount of the (A) entry that is credited to non-controlling interest?
What is the Non-controlling interest that will appear on the Balance Sheet? Hint; the total of the Non-controlling interest column
What is the amount of the (S) entry that is credited to Investment in Subsidiary?
What is the amount of Net Income of the non-controlling interest?