Note: $42,000 is not correct.

P5-20 Acquisition Price LO 5.1 Summer Company holds assets with a fair value of $114.000 and a book value of $89.000 and liabilities with a book value and fair value of $29.000 Required: Compute the following amounts if Parade Corporation acquires 70 percent ownership of Summer a. What amount did Parade pay for the shares If no goodwill and no gain on a bargain purchase are reported? Acquisition price $ 42,000 b. What amount did Parade pay for the shares of the fair value of the noncontrolling Interest at acquisition is $40.200 and goodwill of $49.000 is reported? Acquisition price c. What balance will be assigned to the noncontrolling Interest in the consolidated balance sheet if Parade pays $76,300 to acquire its ownership and goodwill of $24.000 is reported? Balance assigned to noncontrolling interest