Qorp Ltd. has the following SFP at December 31, 20X5.
Qorp Ltd.
Statement of Financial Position
December 31, 20X5

On January 1, 20X6, Zip Ltd., whose assets are composed entirely of share investments and cash, paid $ 185,000 for 70% of the outstanding shares of Qorp Ltd. The current fair values of the net assets of Qorp Ltd. on January 1, 20X6, were:

Zip Ltd. had the following shareholders€™ equity on January 1, 20X6:

Required:
a. Assume a consolidated SFP is prepared on January 1, 20X6. Calculate the dollar amounts for the following items as they would appear on that consolidated SFP under the entity method:
1) Goodwill
2) Land
3) Equipment
4) Common shares
5) Retained earnings
6) NCI
b. What does NCI represent on the consolidatedSFP?

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$ 85,000 Current assets Capital assets: Land Building, net Equipment, net Goodwill 30,000 120,000 50,000 200,000 50,000 335,000 Current iabilities Bonds payable, 18-year duration, due 20x23 Common shares Retained eamings, January 1, 20x5 Net loss for 20X5 65,000 70,000 120,000 140,000 (60,000) 335,000 Current liabilities Bonds payable $65,000 70,000 Current assets Land Building (net) Equipment (net) $85,000 75,000 180,000 30,000 480,000 710,000 $1,190,000 Common shares Retained eamings