Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

I need the answer as soon as possible X Co acquired 80% of Y Co outstanding capital stock for $430,000 cash. Immediately before the purchase,

I need the answer as soon as possible image text in transcribed

X Co acquired 80% of Y Co outstanding capital stock for $430,000 cash. Immediately before the purchase, the balance sheets of both corporations reported the following: Assets 2,000,000 750,000 Liabilities 750,000 400,000 Common Stock 1,000,000 310,000 Retained Earnings 250,000 40,000 Liabilities & Stockholders' Equity 2,000,000 750,000 At the date of purchase, the fair value of Y assets was $50,000 more than the Book value amounts. In the consolidated balance sheet prepared Immediately after the purchase the non controlling interest should amount to Select one: a. 107,500 b 215,000 C. 137,500 d. 86,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting An Introduction

Authors: Eddie McLaney, Dr Peter Atrill, Eddie J. Mclan

5th Edition

0273733206, 978-0273733201

More Books

Students explore these related Accounting questions

Question

=+4. What do you think?

Answered: 3 weeks ago