On January 1, 2014, Wins Inc. acquired a 70 percent interest in Matt Inc. at a cost
Fantastic news! We've Found the answer you've been seeking!
Question:
On January 1, 2014, Wins Inc. acquired a 70 percent interest in Matt Inc. at a cost of $1,400,000. Matt Inc.’s net assets on this date were $1,500,000. During 2014, Matt Inc. reported net income of $600,000 and declared dividend of $300,000. The fair values of Matt Inc.’s net assets were equal to the book value on January 1, 2014.
REQUIRED
1. Calculate the goodwill that should be reported in the consolidated balance sheet on December 31, 2014.
2. Calculate Noncontrolling interest that should be reported in the consolidated balance sheet at December 31, 2014.
Related Book For
Fundamentals of Advanced Accounting
ISBN: 978-0077667061
5th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Posted Date: