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Buckeye Corporation's balance sheet at January 1,207, reflected the following balances: Lion Corporation entered into an active acquisition program and acquired 80 percent of Buckeye's
Buckeye Corporation's balance sheet at January 1,207, reflected the following balances: Lion Corporation entered into an active acquisition program and acquired 80 percent of Buckeye's common stock on January 2,207, for $470,000. The fair value of the noncontrolling interest at that date was determined to be $117,500. A careful review of the fair value of Buckeye's asset and liabilities indicated the following: Goodwill is assigned proportionately to Lion and the noncontrolling shareholders. Required: Compute the appropriate amount related to Buckeye to be included in the consolidated balance sheet immediately following the acquisition for each of the following items: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. For an answer to be graded as correct, you must use an Excel formula: quirement information is presented in rows 26 thrd G H I 1. Begin each formula with an = sign. 2. Reference cells, instead of entering values. Example: =B3+C3
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