Question
7. Python acquires 80% of the voting stock of Slither on January 1, 2017 for $1,500,000. The fair value of the noncontrolling interest is $350,000.
7. Python acquires 80% of the voting stock of Slither on January 1, 2017 for $1,500,000. The fair value of the noncontrolling interest is $350,000. Slithers balance sheet at the date of acquisition is as follows:
On the consolidation working paper at January 1, 2017, what is the credit to Investment in Slither for eliminating entry (R)? (Points : 4) |
$-0- $550,000 $700,000 $400,000
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