Lang Company reports net assets with a book value and fair value of $200,000 Pace Corporation acquires

Question:

Lang Company reports net assets with a book value and fair value of $200,000 Pace acquires 75 percent ownership for $150,000. Pace reports net assets with a book value of $520,000 and a fair value of $640,000 at that time, excluding its investment in Lang.

Required
For each of the following, compute the amounts that would be reported immediately after the combination under current accounting practice:
a. Consolidated net identifiable assets.
b. Noncontrolling interest.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...