On December 31, Year 1, Thompson Company acquired a 70% interest in Jackson Machinery Company through...
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On December 31, Year 1, Thompson Company acquired a 70% interest in Jackson Machinery Company through a cash acquisition. At the date of acquisition, it was determined that Jackson had a total fair value of $165,000,000. If during Year 2, Jackson generated net income of $28,000,000 and declared and paid dividends of $6,000,000, what is the noncontrolling interest (NCI) amount reported on the balance sheet at the end of Year 2? On December 31, Year 1, Thompson Company acquired a 70% interest in Jackson Machinery Company through a cash acquisition. At the date of acquisition, it was determined that Jackson had a total fair value of $165,000,000. If during Year 2, Jackson generated net income of $28,000,000 and declared and paid dividends of $6,000,000, what is the noncontrolling interest (NCI) amount reported on the balance sheet at the end of Year 2?
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The noncontrolling interest NCI is the portion of the subsidiary that is not owned by the p... View the full answer
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
7th edition
Authors: Hilton Murray, Herauf Darrell
Posted Date:
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