Question

Slim Corporation’s balance sheet at January 1, 20X7, reflected the following balances:


Ford Corporation entered into an active acquisition program and acquired 80 percent of Slim’s common stock on January 2, 20X7, for $470,000. The fair value of the noncontrolling interest at that date was determined to be $117,500. A careful review of the fair value of Slim’s assets and liabilities indicated the following:



Goodwill is assigned proportionately to Ford and the noncontrolling shareholders.

Required
Compute the appropriate amount related to Slim to be included in the consolidated balance sheet immediately following the acquisition for each of the following items:
a. Inventory.
b. Land.
c. Buildings and Equipment (net).
d. Goodwill.
e. Investment in Slim Corporation.
f. NoncontrollingInterest.


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  • CreatedMay 23, 2014
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