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Purple Corporation acquired 75 percent of Socks Corporotion's common stock on January 1, 20X8, for $435,000. At thot dote, Socks reported common stock outstonding of
Purple Corporation acquired 75 percent of Socks Corporotion's common stock on January 1, 20X8, for $435,000. At thot dote, Socks reported common stock outstonding of $300,000 ond retoined earnings of $200,000, and the fair yolue of the noncontrolling interest wos $145,000. The book volues and fair volues of Socks's assets and liobilities were equal, except for ather intongible ossets, which had a foir value $80,000 more than book volue and o 10 -yeor remaining life. Purple and Socks reported the following doto for 208 ond 209 Required: a. Compute consolidated comprehensive income for 208 and 209 b. Compute comprehensive income attributable to the controlling interest for 208 and 209. c. Assuming that Purple reported cepital stock outstanding of $320,000 and retained earnings of $430,000 at Jenusry 1,208, prepsre the stockholders' equity section of the consolidated osisnce sheat st December 31,208 and 209
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