1) What does the term noncontrolling interest mean?

2) What is a control premium and how does it affect consolidated financial statements?

3) Where should the noncontrolling interests claims be reported in a set of consolidated financial statements?

4) How is the noncontrolling interest in a subsidiary company calculated as of the end of a reporting period?

5) December 31 consolidated financial statements are being prepared for Allsports Company and its new subsidiary acquired on July 1 of the current year. Should Allsports adjust its consolidated balances for the preacquisition subsidiary revenues and expenses?