Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the total noncontrolling interest? Exercise 4-5 On January 1, 2014, Plate Company purchased a 90% interest in the common stock of Set Company

image text in transcribedimage text in transcribedWhat is the total noncontrolling interest?

Exercise 4-5 On January 1, 2014, Plate Company purchased a 90% interest in the common stock of Set Company for $712,000, an amount $19,000 in excess of the book value of equity acquired. The excess relates to the understatement of Set Company's land holdings. Excerpts from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31, 2014, follow: 1/1/14 retained earnings Net income from above Dividends declared 12/31/14 retained earnings to the balance sheet Set Company 201,500 141,400 (52,000 ) 290,900 Consolidated Balances 869,800 456,800 (93,200 ) 1,233,400 Set Company's stockholders' equity is composed of common stock and retained earnings only. Determine the total noncontrolling interest that will be reported on the consolidated balance sheet on December 31, 2014. How does the noncontrolling interest differ between the cost method and the equity method? (Round answer to 0 decimal places, e.g. 5,125.) 123,340 Total noncontrolling interest $L The noncontrolling interest will be un same under either of the methods v

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Alpine Cupcakes Audit Case With Data Analytics

Authors: Carol Callaway Dee, Mary P.Mindak

2nd Edition

1618533231, 978-1618533234

More Books

Students also viewed these Accounting questions

Question

Describe the concept of diversity.

Answered: 1 week ago

Question

Summarize forecasting human resource availability.

Answered: 1 week ago