On January 1, 2010, Gillette Co. acquired an 80% interest in Schick Corp. for $500,000. There is

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On January 1, 2010, Gillette Co. acquired an 80% interest in Schick Corp. for $500,000. There is no active trading market for Schick's stock. The fair value of Schick's net assets was $600,000 and Gillette accounts for its interest using the acquisition method.
Determine the value assigned to the non-controlling interest as of the date of the acquisition.

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Advanced Accounting

ISBN: 978-0077431808

10th edition

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

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