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On January 1, 2016, Wilhelm Corporation acquired 90 percent of Kaiser Company's voting stock at book value. The fair value of the noncontrolling interest was

On January 1, 2016, Wilhelm Corporation acquired 90 percent of Kaiser Company's voting stock at book value. The fair value of the noncontrolling interest was equal to 10% of the book value of Kaiser at that date. Wilhelm uses the equit method (with consolidation) in accountig for its ownership of Kaiser. On December 31, 2016, the trial balances of the two companies are as follows: (please note that the retained earnings accounts of both companies have not yet been adjusted for 2016 activity and are stated as they were on January 1, 2016)

Wilhelm Corporation

Kaiser Company

Item

Debit

Credit

Debit

Credit

Current Assets

$200,000

$140,000

Depreciable Assets

350,000

250,000

Investment in Kaiser Company Stock

162,000

Depreciation Expense

27,000

10,000

Other Expenses

95,000

60,000

Dividends Declared

20,000

10,000

Accumulated Depreciation

$118,000

$80,000

Current Liabilities

100,000

80,000

Long-Term Debt

100,000

50,000

Common Stock

100,000

50,000

Retained Earnings

150,000

100,000

Sales

250,000

110,000

Income from Subsidiary

36,000

$854,000

$854,000

$470,000

$470,000

A. What amount would be reported as total assets in the consolidated balance sheet at December 31, 2016?

B. What amount would be reported as total liabilities in the consolidated balance sheet at December 31, 2016?

C. What amount would be reported as retained earnings in the consolidated balance sheet prepared at December 31, 2016?

D. Based on the preceding information, what amount would be reported as noncontrolling interest in the consolidated balance sheet at December 31, 2016?

E. Based on the preceding information, what amount would be reported as total stockholder's equit in the consolidated balance sheet at December 31, 2016?

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