On 1/1/2019, P Co acquired 75% of S Co's outstanding common stock for cash. The fair value of the noncontrolling interest was equal to a proportionate Share of the book value of S Co net assets, at the acquisition date the balance sheet data are as follows:- S total assets 108,000 liabilities 36,000 common stock 30,000 retained earning 42,000 Select one: O O O P a. 45,000 b. 18,000 c. 9,000 d. 27,000 504,000 144,000 Based on the preceding information, what amount should be reported as noncontrolling interest in net assets in the 1/1/2019 consolidated balance sheet? 120,000 240,000

On 1/1/2019, P Co acquired 75% of S Co's outstanding common stock for cash. The fair value of the noncontrolling interest was equal to a proportionate Share of the book value of S Co net assets, at the acquisition date the balance sheet data are as follows:- S total assets 108,000 liabilities 36,000 common stock 30,000 retained earning 42,000 Select one: O O O P a. 45,000 b. 18,000 c. 9,000 d. 27,000 504,000 144,000 Based on the preceding information, what amount should be reported as noncontrolling interest in net assets in the 1/1/2019 consolidated balance sheet? 120,000 240,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 25E

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