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On January 1, 20X8, 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, 20X9, the trial balances of the two companies are as follows:

21. Based on the preceding information, what amount would be reported as retained earnings in the consolidated balance sheet prepared at December 31, 20X9?

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, 20X9?

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, 20X9? 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 20X9?

A. $168,000

B. $138,000

C. $164,000

D. $150,000

Kaiser Company Debit Credit $140,000 250,000 Wilhelm Corporation Item Debit Credit Current Assets $200,000 Depreciable Assets 350,000 Investment in Kaiser Company Stock 162,000 Depreciation Expense 27,000 Other Expenses 95,000 Dividends Declared 20,000 Accumulated Depreciation $118,000 Current Liabilities 100,000 Long-Term Debt 100,000 Common Stock 100,000 Retained Earnings 150,000 Sales 250,000 Income from Subsidiary 36,000 $854,000 $854,000 10,000 60,000 10,000 $80,000 80,000 50,000 50,000 100,000 110,000 $470,000 $470,000