Louis Vuitton Mot Hennessy (LVMH), the well-known French luxury goods company, bought from the Bulgari family a

Louis Vuitton Moët Hennessy (LVMH), the well-known French luxury goods company, bought from the Bulgari family a controlling 66 percent interest in Bulgari SpA, the Italian jewelry maker. The value of the purchase consideration paid to the Bulgari family at the time of the acquisition was €3,019 million. The fair value of Bulgari’s identifiable assets and liabilities on that date were as follows: 

€ Millions .................Acquisition data fair values

Current assets...........................901

Brands......................................2,365

other non-current assets...........64

Current liabilities........................319

Non-current liabilities.................742

The remaining 34 percent interest in Bulgari was 118.6 million common shares of Bulgari SpA that continued to trade publicly on the Milan stock exchange after the acquisition. The price of these shares on the acquisition date was €12.25. 

Required: 

a. As allowed under IFRS 3, LVMH applied the proportionate share method to account for its acquisition of Bulgari. How much noncontrolling interest and goodwill did LVMH recognize in the Bulgari acquisition? 

b. Suppose that LVMH had been an American company reporting under U.S. GAAP. How much noncontrolling interest and goodwill would it have recognized in the Bulgari acquisition in this case?