#2

Summer Company holds assets with a falr value of $112,000 and a book value of $82,000 and llabilities with a book value and fair value of $28,000. Requlred: Compute the following amounts if Parade Corporation acquires 60 percent ownership of Summer: a. What amount did Parade pay for the shares if no goodwill and no gain on a bargain purchase are reported? b. What amount did Parade pay for the shares if the fair value of the noncontrolling interest at acquisition is $47,200 and goodwill of $34,000 is reported? c. What balance will be assigned to the noncontrolling interest in the consolidated balance sheet If Parade pays $63,600 to acquire its ownership and goodwill of $22,000 is reported