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Assume that a parent company acquires a 70% interest in a subsidiary for a purchase price of $1,078,000. The excess of total fair value of

Assume that a parent company acquires a 70% interest in a subsidiary for a purchase price of $1,078,000. The excess of total fair value of controlling and noncontrolling interests over book value is assigned to; a building (PPE net) that is worth $100,000 more than book value, an unrecorded patent valued at $200,000 and goodwill valued at $300,000. Goodwill is assigned proportionately to the controlling and noncontrolling interests.

Consolidation Entries Parent Subsidiary Dr Cr Consolidated Cash 920,000 215,000 0 Accounts receivable 782,000 330,000 0 Inventory 1,100,000 425,000 0 Equity investment 1,078,000 0 Property, plant and equipment (PPE), net 5,400,000 800,000 0 Patent 0 Goodwill 0 Total assets 9,280,000 1,770,000 0 Current liabilities 810,000 330,000 0 Long-term liabilities 4,000,000 500,000 0 Common stock 920,000 90,000 0 Additional paid-in capital 700,000 120,000 0 Retained earnings 2,850,000 730,000 0 Noncontrolling interest 0 Total liabilities and equity 9,280,000 1,770,000 0 0

I know this problem has been posted but I don't see How Do I determine how to split the the non controlling interest and equity investment.

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