Broadmore Corporation acquired 75 percent of Stem Corporations common stock on January 1, 20X8, for $435,000 At that date, Stem reported common stock outstanding of $300,000 and retained earnings of $200,000, and the fair value of the noncontrolling interest was $145,000 The book values and fair va...

a Consolidated net income 20X8 20X9 Operating income of Broadmore 120000 140000 Net income of Stem 4 ...

Broadmore Corporation acquired 75 percent of Stem Corporations common stock on January 1, 20X8, for $435,000. At

Question:

Broadmore Corporation acquired 75 percent of Stem Corporation€™s on January 1, 20X8, for $435,000. At that date, Stem reported outstanding of $300,000 and retained earnings of $200,000, and the fair value of the noncontrolling interest was $145,000. The book values and fair values of Stem€™s assets and liabilities were equal, except for other , which had a fair value $80,000 more than book value and a 10-year remaining life. Broadmore and Stem reported the following data for 20X8 and 20X9:

balance sheet at December 31, 20X8 and20X9.

Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...