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Use the above for questions 23-28 Hornet plc acquired 56,000 shares of the 80,000 outstanding shares of Alton on 1 January 2009 for a cash

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Use the above for questions 23-28 Hornet plc acquired 56,000 shares of the 80,000 outstanding shares of Alton on 1 January 2009 for a cash consideration of $ 7 M. The fair value of net assets of Alton at this date was $8 M and full goodwill method is used. During 2009 until 31 December 2009 Alton made a net income of $4. On 1 January 2010, Hornet acquired 8,000 additional shares in Alton for $2 M. Required Non-Controlling interest on 1 January 2009 is? Select one: a. $3.25M O b. None of the answers is correct c. $3M d. $2.5M e. $3.5M

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