Stick Company reports net assets with a book value and fair value of $200,000. Paste Corporation acquires 75 percent ownership for $150,000. Paste reports net assets with a book value of $520,000 and a fair value of $640,000 at that time, excluding its investment in Stick.

Required

For each of the following, compute the amounts that would be reported immediately after the combination under current accounting practice:

a. Consolidated net identifiable assets.

b. Noncontrolling interest.