Question: A new employee has been given responsibility for preparing the consolidated financial statements of Sample Company. After attempting to work alone for some time, the

A new employee has been given responsibility for preparing the consolidated financial statements of Sample Company. After attempting to work alone for some time, the employee seeks assistance in gaining a better overall understanding of how the consolidation process works.

1. Please explain recognizing the consolidation cycle of 100% possessed and under 100% claimed NCI.

2. Why must the eliminating entries be entered in the consolidation worksheet each time consolidated statements are prepared?

3. How is the beginning-of-period non-controlling interest balance determined?

4. How is the end-of-period non-controlling interest balance determined?

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