Question
On January 1, 2008, Wilhelm Corporation acquired 90 percent of Kaiser Company's voting stock, at underlying book value. The fair value of the noncontrolling interest
On January 1, 2008, Wilhelm Corporation acquired 90 percent of Kaiser Company's voting stock, at underlying book value. The fair value of the noncontrolling interest was equal to 10 percent of the book value of Kaiser at that date. Wilhelm uses the equity method in accounting for its ownership of Kaiser. On December 31, 2009, the trial balances of the two companies are as follows:
19. Based on the preceding information, what amount would be reported as total assets in the consolidated balance sheet at December 31, 2009? A. $805,000 B. $712,000 C. $742,000 D. $1,102,000
20. Based on the preceding information, what amount would be reported as total liabilities in the consolidated balance sheet at December 31, 2009? A. $330,000 B. $712,000 C. $318,000 D. $130,000
21. Based on the preceding information, what amount would be reported as retained earnings in the consolidated balance sheet prepared at December 31, 2009? A. 314,000 B. 294,000 C. 150,000 D. 424,000
22. Based on the preceding information, what amount would be reported as noncontrolling interest in the consolidated balance sheet at December 31, 2009? A. $27,000 B. $4,000 C. $15,000 D. $18,000
23. Based on the preceding information, what amount would be reported as total stockholder's equity in the consolidated balance sheet at December 31, 2009? A. $412,000 B. $394,000 C. $542,000 D. $348,000
24. Based on the preceding information, what amount would be reported as income to controlling interest in the consolidated financial statements for 2009? A. $168,000 B. $138,000 C. $164,000 D. $150,000
Please send me the calculation as well. i want to see calculation
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