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I want the solution in detail .please P 10-1 [Preferred stock] Investment in common stock (subsidiary preferred stock) Par Corporation paid $7,200,000 for 360,000 shares
I want the solution in detail .please P 10-1 [Preferred stock] Investment in common stock (subsidiary preferred stock) Par Corporation paid $7,200,000 for 360,000 shares of Sun Corporation's outstanding voting common stock on January 1, 2011, when the stockholders' equity of Sun consisted of (in thousands): 10% cumulative, preferred stock. $100 par. Liquidation preference is $105 per share, and 20,000 shares are issued and outstanding with one year's dividends in arrears $2,000 Common stock, $10 par, 400,000 shares issued and outstanding 4,000 Other paid-in capital 1.000 Retained earnings 1.300 Total stockholders' cquity $8,300 During 2011, Sun reported net income of $1,000,000 and declared dividends of $800,000. Any excess of fair value over book value is goodwill, which is not amortized. REQUIRED: Calculate the following: 1. Goodwill from Par's acquisition of Sun 2. Par's income from Sun for 2011 3. Noncontrolling interest share for 2011 4. Noncontrolling interest in Sun at December 31, 2011 5. Par's Investment in Sun account balance at December 31, 2011
I want the solution in detail .please
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