Computation of Consolidated Balances a. Inventory $140,000 b. Land $ 60,000 c. Buildings and Equipment $550,000 d.

Computation of Consolidated Balances

 

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a. Inventory $140,000 b. Land $ 60,000 c. Buildings and Equipment $550,000 d. Fair value of consideration given by Prize Fair value of noncontrolling interest $470,000 117,500 $587,500 Total fair value Book value of Statue's net assets $450,000 Fair value increment for: Inventory 20,000 Land (10,000) Buildings and equipment (net) Fair value of identifiable net assets 70,000 (530,000) $ 57,500 Goodwill e. Investment in Statue Corporation: None would be reported; the balance in the investment account is eliminated. f. Noncontrolling Interest = FV of the NCI $117,500 a. Inventory $140,000 b. Land $ 60,000 c. Buildings and Equipment $550,000 d. Fair value of consideration given by Prize Fair value of noncontrolling interest $470,000 117,500 $587,500 Total fair value Book value of Statue's net assets $450,000 Fair value increment for: Inventory 20,000 Land (10,000) Buildings and equipment (net) Fair value of identifiable net assets 70,000 (530,000) $ 57,500 Goodwill e. Investment in Statue Corporation: None would be reported; the balance in the investment account is eliminated. f. Noncontrolling Interest = FV of the NCI $117,500

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Step 1 The Consolidated Balances will take in account the ... View the full answer