3 pts Question 18 When P company pays more than the book value of net assets of the acquired company (S), how does the consolidation process differ? P tracks the excess value & records it in the consolidation worksheet. Phires an outside accountant to do the work Snotifies Pof the excess value OP& Signore the excess amount paid. None of the other answers are correct 3 pts 3 pts Question 23 If a parent loses control of its subsidiary, but maintains a noncontrolling equity interest in former sub: The parent should recognize any GAIN or LOSS Immediately. This would not affect the income Statement because the parent should adjust retained carnings in the current period for any gain or loss. The parent does not recognize a GAIN OR LOSS until the parent corporation makes a final determination as to whether they may purchase more of the former subsidiaries stock in the future. The parent should recognize a GAIN or LOSS Immediately except when the parent is still a creditor of the former subsidiary 7:00 pm Submit Quiz 3 pts D Question 11 NCI is reported on the consolidated balance sheet as: an equity. an identifiable intangible asset O a noncurrent tangible asset. a noncurrent liability, 3 pts Question 12 Consolidation in subsequent years. Consolidated retained earnings at the end of the year equals: Beginning retained earnings of the parent plus consolidated net income less dividends paid by the parent O Beginning retained earnings of the parent plus beginning retained earnings of the subsidiary, plus consolidated net income less dividends paid by parent and less dividends paid by the sub. Beginning retained earnings of the parent plus consolidated net income and consolidated other comprehensive income, less dividends paid by parent and less dividends paid by the sub Beginning retained earnings of the parent plus consolidated net income less dividends paid by parent and less dividends paid by the sub Mc Graw w Hill 12