Question: Problem 3 . On December 3 1 , 2 0 2 0 , Oriole Company purchased a controlling interest in Kingbird Company for $ 1

Problem 3.
On December 31,2020, Oriole Company purchased a controlling interest in Kingbird Company for $1,240,000. The consolidated balance sheet on December 31,2020 reported non-controlling interest in Kingbird Company of $310,000.
On the date of acquisition, the stockholders' equity section of Kingbird Company's balance sheet was as follows:
Common stock $565,000
Other contributed capital 415,000
Retained earnings 370,000
Total 1,350,000
Required:
A. Compute the noncontrolling interest percentage on December 31,2020.
B. Prepare the investment elimination entry made to prepare a consolidated balance sheet workpaper.

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