On the last day of the year, Jones Company purchased 90? of the common stock of...
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On the last day of the year, Jones Company purchased 90? of the common stock of Smith Inc., for $5,000,000. At the time. Smith Inc reported the following on its balance sheet; assets. $7,400,000; liabilities, $1,300,000, Common stock, $10 par, $5,000,000; retained earnings. $1,100,000 In negotiating the stock sale, it was determined that the book carrying amounts of Smith's recorded assets and equities approximated their current market values. At the date of acquisition, the amount to be reported i the consolidated balance sheet for minority interest is: on On the last day of the year, Jones Company purchased 90? of the common stock of Smith Inc., for $5,000,000. At the time. Smith Inc reported the following on its balance sheet; assets. $7,400,000; liabilities, $1,300,000, Common stock, $10 par, $5,000,000; retained earnings. $1,100,000 In negotiating the stock sale, it was determined that the book carrying amounts of Smith's recorded assets and equities approximated their current market values. At the date of acquisition, the amount to be reported i the consolidated balance sheet for minority interest is: on
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Ans 1 Minority interest represents that part of subsidiary companys share which in not o... View the full answer
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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