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Snow Corp. acquired 90% of Hail Corp's outstanding common stock for $180,000 on December 31, 2019. Snow uses the equity method to account for the

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Snow Corp. acquired 90% of Hail Corp's outstanding common stock for $180,000 on December 31, 2019. Snow uses the equity method to account for the investment. Balance sheet for Hail just before the purchase is as follows: Cash Accounts Receivable Inventory Buildings & Equipment Less: Accumulated Depreciation Total Assets Accounts Payable Notes Payable Common Stock APIC Retained Earnings Total Liabilities and Equity Hail 24,000 62,000 32,000 350,000 (124,000) 344,000 50,000 94,000 50,000 10,000 140,000 344,000 1. What is the value of Hail Corp at the sale date? 2. What is the value of noncontrolling interest in net assets of Hail Corp going to be on Snow Corp.? 3. Assuming Hail Corp has $250,000 of net income and paid $100,000 of dividends in 2020, what is the ending balance of the investment in Hail at December 31, 2020? 4. Assuming same data as #3, what is the ending balance of noncontrolling interest in net assets of Hail Corp at December 31, 2020? 5. Assuming same data as #3, what is the amount added to noncontrolling interest in net income of Hail Corp during the consolidation at December 31, 2020

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