On January 1, 20X5, Huge Ltd. purchased 80% of the shares of Tiny Ltd. for $2,100,000 and,
Question:
There were no intercompany transactions.
Required
Calculate the balance of non-controlling interest as it would be shown on the consolidated SFP of Huge Ltd. at December 31, 20X5, under the entity method.
At January 1, 20X5 Huge Ltd. Tinier Ltd. $ 750,000 1,095,000 $1,845,000 Tiny Ltd. Shares Retained earnings $2,925,000 $2,400,000 $6,375,000 $5,265,000 During 20X5 $ 450,000 60,000 Net income (cost basis) Dividends paid $ 900,000 $1,200,000 180,000 150,000
Step by Step Answer:
Noncontrolling interest on Huges consolidated statement of financial position will consist of two co...View the full answer
Advanced Financial Accounting
ISBN: 978-0132928939
7th edition
Authors: Thomas H. Beechy, V. Umashanker Trivedi, Kenneth E. MacAulay
Related Video
It is the equity interest of outside investors other than of parent. In other words it is the equity in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interest should be presented in the consolidated statement of financial position within equity, separately from the parent shareholders\' equity.
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