Question: dont copy , dont use AI else ready fo dislikes Pearl acquires 90% of the voting stock of Spruce on January 1,2020 for $5,000. The

dont copy , dont use AI else ready fo dislikes Pearl acquires

dont copy , dont use AI else ready fo dislikes

Pearl acquires 90% of the voting stock of Spruce on January 1,2020 for $5,000. The fair value of the noncontrolling interest is $550. Spruce's equity is reported at $4,800 at the date of acquisition. Its net assets are reported at amounts approximating fair value, but it has previously unreported identifiable intangible assets (5-year life, straight-line), valued at $1,000. Pearl uses the complete equity method to account for its investment. Spruce reports net income of $300 for 2020. On the 2020 consolidation working paper, what is the credit to noncontrolling interest in eliminating entry (R)

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