Current Attempt in Progress

On December $31.2020,$ Wilchorse Company purchased a controlling interest in Waterway Company for $\backslash$$$1,200$:$000.$ The consolldated balance sheet on December $\backslash$$$1,2020$ reported noncontrolling interest in Waterway Company of $\backslash (\backslash$$ $300,000\backslash ).$

On the date of acquisition the stockholders' equity section of Waterway Company's balance sheet was as follows:

$($a$)$

Your Answer

Correct Answer $($Used$)$

Your answer is incorrect

Compute the noncontrolling interest percentage on December $31,2020.$

Noncontrolling interest

Solution

$($b$)$

Prepare the investment elimination entry made to prepare a consolidated balance sheet workpaper, Any difference between book value and the value implied by the purchase price relates to subsidiary land. $($Credit account tities are automatically indented when the amount is entered. Donot indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Lst all debit entries before credit entries$)$

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