Question: On January 1 , 2 0 X 9 , Pretty Corporation purchased 7 0 % of the common stock of Slick Corporation. Separate balance sheet
On January X Pretty Corporation purchased of the common stock of Slick Corporation. Separate balance sheet data for the companies at the combination date are given below:
Pretty corporation
Cash$
Accounts Receivable
Inventory
Land
Plant assets Net
Investment in Slick
Total Assets$
Accounts payable$
Capital stock
Retained earnings
Total Equities$
Slick Corporation
Cash
Accounts Receivable
Inventory
Land
Plant assets Net
Investment in Slick
Total Assets
Accounts payable
Capital stock
Retained earnings
Total Equities
At the date of combination the book values of Slicks net assets was equal to the fair value of the net assets except for Slicks inventory which has a fair value of $ Indicate in each of the questions what the consolidated balance would be for the requested account.
What is goodwill? What is the amount of the noncontrolling interest? What is the amount of consolidated retained earnings? What is the amount of consolidated total assets?
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