Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 1 January 20X4 P plc acquired 80% of S plc equity share capital of 120,000. At the date of acquisition the total of S

On 1 January 20X4 P plc acquired 80% of S plc equity share capital of 120,000. At the date of acquisition the total of S plcs net assets in its statement of financial position was 689,200. The fair values of S plcs net assets were found to be equivalent to their carrying amounts with the exception of a building which had a fair value 250,000 greater than its carrying amount. The building had a remaining useful life of 20 years. On 31 December 20X7 the retained earnings of P plc and S plc were 887,100 and 804,700 respectively. The companies only reserves were retained earnings. What is the balance for non-controlling interest which would be included in the consolidated statement of financial position at 31 December 20X7? A 174,940 B 200,940 C 224,940 D 227,440

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

Step: 3

blur-text-image

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

Auditing And Society Research On Audit Practice And Regulations

Authors: Wally Smieliauskas, Minlei Ye, Ping Zhang

1st Edition

1138314129, 978-1138314122

More Books

Students also viewed these Accounting questions