Assuming that PayNet acquires 70% of Shale on August 1, 2022, for cash of $196,000, what...

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Assuming that PayNet acquires 70% of Shale on August 1, 2022, for cash of $196,000, what amount would appear in the non-controlling interest (NCI) account on the consolidated balance sheet on the date of acquisition if the proportionate consolidation method was used? Multiple Choice C NII $102,857 $36,000 $46,380 Assuming that PayNet acquires 70% of Shale on August 1, 2022, for cash of $196,000, what is the total amount of the liabilities section on PayNet's consolidated balance sheet at the date of acquisition if the fair value enterprise (FVE) method was used? Multiple Choice $474,000 $520,000 $530,000 $499,000 Assuming that PayNet acquires 70% of Shale on August 1, 2022, for cash of $196,000, what is the amount of goodwill on PayNet's consolidated balance sheet at the date of acquisition if the fair value enterprise (FVE) method was used? Multiple Choice O O $112,000 $160,000 $88,000 NII Assuming that PayNet acquires 70% of Shale on August 1, 2022, for cash of $196,000, What is the amount of the total assets on PayNet's consolidated balance sheet at the date of acquisition if the proportionate consolidation method was used? Multiple Choice O $780,000 $651,000 $696,000 $599,200 Required information PayNet Inc. (PayNet) and Shale Ltd. (Shale) had the following balance sheets on July 31, 2022: Cash Accounts receivable Inventory Plant and equipment (net) Goodwill Trademark Total assets Current liabilities Bonds payable Common shares Retained earnings Total liabilities and equity PayNet Inc (carrying value) $280,000 100,000 60,000 200,000 $640,000 $120,000 330,000 90,000 100.000 $640,000 Shale Ltd. (carrying value) $36,000 40,000 24,000 80,000 8,000 12,000 Shale Ltd. (fair value) $36,000 45,000 20,000 75,000 24,000 $200,000 $50,000 50,000 20,000 30,000 80,000 50,000 $200,000 Assuming that PayNet acquires 70% of Shale on August 1, 2022, for cash of $196,000, what amount would appear in the non-controlling interest (NCI) account on the consolidated balance sheet on the date of acquisition if the proportionate consolidation method was used? Multiple Choice C NII $102,857 $36,000 $46,380 Assuming that PayNet acquires 70% of Shale on August 1, 2022, for cash of $196,000, what is the total amount of the liabilities section on PayNet's consolidated balance sheet at the date of acquisition if the fair value enterprise (FVE) method was used? Multiple Choice $474,000 $520,000 $530,000 $499,000 Assuming that PayNet acquires 70% of Shale on August 1, 2022, for cash of $196,000, what is the amount of goodwill on PayNet's consolidated balance sheet at the date of acquisition if the fair value enterprise (FVE) method was used? Multiple Choice O O $112,000 $160,000 $88,000 NII Assuming that PayNet acquires 70% of Shale on August 1, 2022, for cash of $196,000, What is the amount of the total assets on PayNet's consolidated balance sheet at the date of acquisition if the proportionate consolidation method was used? Multiple Choice O $780,000 $651,000 $696,000 $599,200 Required information PayNet Inc. (PayNet) and Shale Ltd. (Shale) had the following balance sheets on July 31, 2022: Cash Accounts receivable Inventory Plant and equipment (net) Goodwill Trademark Total assets Current liabilities Bonds payable Common shares Retained earnings Total liabilities and equity PayNet Inc (carrying value) $280,000 100,000 60,000 200,000 $640,000 $120,000 330,000 90,000 100.000 $640,000 Shale Ltd. (carrying value) $36,000 40,000 24,000 80,000 8,000 12,000 Shale Ltd. (fair value) $36,000 45,000 20,000 75,000 24,000 $200,000 $50,000 50,000 20,000 30,000 80,000 50,000 $200,000

Answer rating: 100% (QA)

SOLUTION 1 Noncontrolling interest NCI account on the consolidated balance sheet on the date of acqu... View the full answer