Q1

245000

325000

375000

455000

700000

Q2

0

10000

15000

40000

50000

Q3

48000 and 262800

48000 and 273000

42900 and 267900

42900 and 262800

48000 and 267900

Dunne Inc. bought 65% of the outstanding common stock of Hardy Inc. in an acquisition that resulted in the recognition of goodwill. Hardy owned a piece of land that cost $375,000 but was worth $700,000 at the date of acquisition. What value would be attributed to this land in a consolidated balance sheet at the date of acquisition? When Valley Co. acquired 80% of the common stock of Coleman Corp., Coleman owned land with a book value of $75,000 and a fair value of $125,000. What is the amount of excess land allocation attributed to the noncontrolling interest at the acquisition date? Scott Co. acquired 70% of Gregg Co. for $525,000 on December 31, 2019 when Gregg's book value was $580,000. The Gregg stock was not actively traded. On the date of acquisition, Gregg had equipment (with a ten-year life) that was undervalued in the financial records by $170,000. One year later, the two companies provided the selected amounts shown below. Additionally, no dividends have been paid. Current assets Equipment Buildings Liabilities Revenues Expenses Investment income Scott Co. Gregg Co. Book Book Fair Value Value Value $912,000 $430,000 $458,000 371,000 290,000 450,000 584,000 210,000 210,000 (564, 000) (238,000)(238,000) (1,320,000) (570,000) 740,000 410,000 Not Given What is the noncontrolling interest's share of the subsidiary's net income for the year ended December 31, 2020 and what is the ending balance of the noncontrolling interest in the subsidiary at December 31, 2020