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Consolidation Eliminating Entries, First Year Packer Corporation buys 8 5 percent of the voting stock of Slattery inc. on January 1 , 2 0 2
Consolidation Eliminating Entries, First Year Packer Corporation buys percent of the voting stock of Slattery inc. on January at an acquisition cost of $ The fair value of the noncontrolling interest at the date of acquisition is $ Slattery's equity at the date of acquisition consists of $ in capital stock and a retained deficit of $ The book values of Slattery's reported net assets approximate fair value, except for property with a year remaining life that is overvalued by $ Slattery also has $ in indefinitelived unreported developed technology. Slattery reports a net loss of $ for The developed technology and goodwill related to this acquisition are unimpaired in Packer uses the complete equity method to account for its investment in Slattery on its own books. a Calculate the goodwill reported for this acquisition, and its allocation to Packer and to the noncontrolling interest in Slattery. b Calculate equity in net loss for reported by Slattery, and the noncontrolling interest in Slattery's net loss for reported on the consolidated income statement.c Prepare eliminating entries CERO and N necessary to consolidate the separate trial balances of Packer and Slattery at December d At what amount is the noncontrolling interest in Slattery reported on the December consolidated balance sheet?
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