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On January 1 , 2 0 2 2 , Pride Corporation purchased 9 0 percent of the outstanding voting shares of Star, Incorporated, for $
On January Pride Corporation purchased percent of the outstanding voting shares of Star, Incorporated, for $ cash. The acquisitiondate fair value of the noncontrolling interest was $ At January Stars net assets had a total carrying amount of $ Equipment eightyear remaining life was undervalued on Stars financial records by $ Any remaining excess fair value over book value was attributed to unpatented technology developed by Star fouryear remaining life but not recorded on its books. Star recorded net income of $ in and $ in Each year since the acquisition, Star has declared a $ dividend. At January Prides retained earnings show a $ balance.
Selected account balances for the two companies from their separate operations were as follows:
Items Pride Star
Revenues $ $
Expenses
What is consolidated net income for
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