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Johannes Inc. acquired 8 0 percent of Corner Brook Ltd . common shares on January 1 , Year 4 , for $ 7 9 2
Johannes Inc. acquired percent of Corner Brook Ltd common shares on January Year for $ At that date, the fair value of the noncontrolling interest was $ Corner Brooks balance sheet contained the following amounts at the time of the combination:
Cash $ Accounts Payable $
Accounts Receivable Bonds Payable
Inventory Common Shares $ par value
Construction Work in Progress Retained Earnings
Other Assets net
Total Assets $ Total Liabilities & Equities $
During each of the next three years, Corner Brook reported net income of $ and paid dividends of $ On January Year Johannes sold of the Corner Brook shares for $ in cash. Johannes used the equity method in accounting for its ownership of Corner Brook.
Required:
a Compute the balance in the investment account reported by Johannes on January Year before its sale of shares. Omit $ sign in your response.
Balance prior to sale of shares $
b Prepare the entry recorded by Johannes when it sold the Corner Brook shares. If no entry is required for a transactionevent select No journal entry required" in the first account field.
c Calculate consolidated net income attributable to the noncontrolling interest for Year and noncontrolling interest at the end of Year Omit $ sign in your response.
Consolidated net income attributable to NCI $
Noncontrolling interest $
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