Calculate NCI in Income and Noncontrolling Interest Only

Consolidating a VIE in a Subsequent Year Pelican Meuntain Resorts uses a financial entity to obtain secured debt le sells customer times hare agreements to the encity who finances the purchases with debt secured by future collections on the timeshare agrecments. On January 1, 2019. Pcilcan determines that the enlity is a VIE and Pelican s sirs crimary bencl tiary. Pelican has no equity interest in the VE. The VIEs balance sheet on that date is as follows: On Jatuary 1,2019, the VIE's other assels are undervalued by $65,000 and it has previously unrecorded icentifiable irtangible assets of $1,000,000. The fair value of the vil is $1,500,000. It is now December 31,2019 , the end of the arcounting year. The revalued other assers consist of equipment havng a 5 -year lite, straight-line. The idencifiable intangibles are impaired by s100,000. The goodwill is not impaired. The Ve reports net income of $125,000 for 2019. Required Prepare the eliminating entries required to consolidate ihe vIE with Pelican on December 31,2019 , assuming the ViE and Pelican are not under common control prior to Pelican's identification as the primary Consolidating a VIE in a Subsequent Year Pelican Meuntain Resorts uses a financial entity to obtain secured debt le sells customer times hare agreements to the encity who finances the purchases with debt secured by future collections on the timeshare agrecments. On January 1, 2019. Pcilcan determines that the enlity is a VIE and Pelican s sirs crimary bencl tiary. Pelican has no equity interest in the VE. The VIEs balance sheet on that date is as follows: On Jatuary 1,2019, the VIE's other assels are undervalued by $65,000 and it has previously unrecorded icentifiable irtangible assets of $1,000,000. The fair value of the vil is $1,500,000. It is now December 31,2019 , the end of the arcounting year. The revalued other assers consist of equipment havng a 5 -year lite, straight-line. The idencifiable intangibles are impaired by s100,000. The goodwill is not impaired. The Ve reports net income of $125,000 for 2019. Required Prepare the eliminating entries required to consolidate ihe vIE with Pelican on December 31,2019 , assuming the ViE and Pelican are not under common control prior to Pelican's identification as the primary