Panther Corporation currently holds an 85 percent interest in Solano Systems, and reports the noncontrolling interest in
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Question:
Panther Corporation currently holds an 85 percent interest in Solano Systems, and reports the noncontrolling interest in Solano at $3,500,000 on its balance sheet. Panther acquires the remaining 15 percent interest in Solano, paying the following consideration: Cash of $4,500,000, 100,000 new shares of Panther, having a par value of $0.50 per share and a fair value of $18/share, and notes payable of $400,000.
Required
Prepare Panther’s journal entry to record acquisition of the noncontrolling interest in Solano.
Enter numerical answers in thousands (ex: $4,500,000 equals $4,500 in thousands; $400,000 equals $400 in thousands).
Description | Debit | Credit | |
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Answer Cash Goodwil lInvestment in Solano Systems Noncontrolling interest | Answer | Answer | |
Contributed capital/APIC | Answer | Answer | |
Answer Cash Goodwil lInvestment in Solano Systems Noncontrolling interest | Answer | Answer | |
Common stock | Answer | Answer | |
Contributed capital/APIC | Answer | Answer | |
Notes payable | Answer | Answer |
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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