31, 2015 are given below: ation Cash Accounts receivable PPE Investment in Garnet Total assets Current liabilities Long term liabilities Ordinary share Retained earnings Total liabilities and stockholders' equity X Corp. 70,000 Z. Co. 90,000 100,000 60,000 500,000 250,000 260,000 930,000 400,000 180,000 60,000 200,000 90,000 300,000 100,000 250,000 150,000 930,000 400,000 X Corporation purchased 80% interest in Z Company on December 31, 2015 for P260,000. Z Company's property and equipment had a fair value of P50,000 more than the book value shown above. All other book values approximated fair value. Fair value method was elected to be used in measuring the non-controlling interest. Fair value of non- controlling interest on acquisition date was P58,000. In the consolidated balance sheet on December 31, 2015: a. The amount of total stockholders' equity to be reported will be? b. The amount of non-controlling interest will be?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Balance sheet data for X Corporation and Z Company on December
31, 2015 are given below:
Cash
Accounts receivable
PPE
Investment in Garnet
Total assets
Current liabilities
Long term liabilities
Ordinary share
Retained earnings
Total liabilities and stockholders' equity
X Corp. Z. Co.
70,000
90,000
100,000
60,000
500,000 250,000
260,000
930,000 400,000
180,000 60,000
200,000 90,000
300,000 100,000
250,000
150,000
930,000 400,000
X Corporation purchased 80% interest in Z Company on December 31,
2015 for P260,000. Z Company's property and equipment had a fair
value of P50,000 more than the book value shown above. All other
book values approximated fair value. Fair value method was elected to
be used in measuring the non-controlling interest. Fair value of non-
controlling interest on acquisition date was P58,000. In the
consolidated balance sheet on December 31, 2015:
a. The amount of total stockholders' equity to be reported will
be?
b. The amount of non-controlling interest will be?
Transcribed Image Text:Balance sheet data for X Corporation and Z Company on December 31, 2015 are given below: Cash Accounts receivable PPE Investment in Garnet Total assets Current liabilities Long term liabilities Ordinary share Retained earnings Total liabilities and stockholders' equity X Corp. Z. Co. 70,000 90,000 100,000 60,000 500,000 250,000 260,000 930,000 400,000 180,000 60,000 200,000 90,000 300,000 100,000 250,000 150,000 930,000 400,000 X Corporation purchased 80% interest in Z Company on December 31, 2015 for P260,000. Z Company's property and equipment had a fair value of P50,000 more than the book value shown above. All other book values approximated fair value. Fair value method was elected to be used in measuring the non-controlling interest. Fair value of non- controlling interest on acquisition date was P58,000. In the consolidated balance sheet on December 31, 2015: a. The amount of total stockholders' equity to be reported will be? b. The amount of non-controlling interest will be?
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