Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

will rate after checking work thanks Summer Company holds assets with a fair value of $115,000 and a book value of $97,000 and liabilities with

image text in transcribed

will rate after checking work thanks

Summer Company holds assets with a fair value of $115,000 and a book value of $97,000 and liabilities with a book value and fair value of $27.000 Required: Compute the following amounts of Parade Corporation acquires 70 percent ownership of Summer: a. What amount did Parade pay for the shares if no goodwill and no gain on a bargain purchase are reported? Acquisition price b. What amount did Parade pay for the shares of the fair value of the noncontrolling interest at acquisition is $36,900 and goodwill of $35,000 is reported? Acquisition price c. What balance will be assigned to the noncontrolling Interest in the consolidated balance sheet if Parade pays $77700 to acquire its ownership and goodwill of $23,000 is reported? Balance assigned to noncontrolling interest

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

Employee Relations Audits

Authors: C. Jennings, W. E. J. McCarthy, R. Undy

1st Edition

0415786614, 978-0415786614

More Books

Students also viewed these Accounting questions