Prior to 2021, United States Steel Corporation (U.S. Steel), a global steelmaker, had owned a 49.9 percent equity interest in Big River Steel Holdings LLC (Big River Steel). Big River Steel owns one of the largest electric arc furnace-oriented flat-rolled mills in North America. On January 15, 2021 U.S. Steel acquired the remaining ownership of Big River Steel, resulting in Big River Steel becoming a wholly owned subsidiary of U.S. Steel.

Access U.S. Steel’s 2021 10-K annual report, and answer the following:
1. What amounts and components did U.S. Steel identify to determine the total consideration for the acquisition of Big River Steel?
2. Prepare a schedule that shows
∙ Total consideration transferred by U.S. Steel for Big River Steel from part 1 above.
∙ Total fair value of the identifiable assets acquired in the combination.
∙ Total fair value of the liabilities assumed in the combination.
∙ Shows the difference between the total consideration transferred and the net total of identifiable assets acquired (assets less liabilities) as goodwill.
3. Prior to its acquisition of control, how did U.S. Steel account for its 49.9 percent investment in Big River Steel and why?
4. Upon acquisition of its controlling interest on January 15, 2021, how did U.S. Steel account for the change in fair value of its original 49.9 percent ownership interest in Big River Steel? How was this amount reported in the consolidated financial statements?