Yost Company purchased 75% of Sinker Company's common stock on January 1, 20X6 for $360,000. On...

 

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Yost Company purchased 75% of Sinker Company's common stock on January 1, 20X6 for $360,000. On that date, Sinker reported common stock of $240,000 and retained earnings of $120,000. Based on these facts, we can conclude that A) B) D) the fair value of Sinker's net assets were equal to the book value on the date of acquisition the amount reported in Yost's investment in Sinker Company account on January 1, 20X6 was $480,000 the fair value of the NCI in the Net Assets of Sinker Company on January 1, 20X6 was $120,000 Yost Company reported a gain on a bargain purchase as a result of the acquisition of Sinker Yost Company purchased 75% of Sinker Company's common stock on January 1, 20X6 for $360,000. On that date, Sinker reported common stock of $240,000 and retained earnings of $120,000. Based on these facts, we can conclude that A) B) D) the fair value of Sinker's net assets were equal to the book value on the date of acquisition the amount reported in Yost's investment in Sinker Company account on January 1, 20X6 was $480,000 the fair value of the NCI in the Net Assets of Sinker Company on January 1, 20X6 was $120,000 Yost Company reported a gain on a bargain purchase as a result of the acquisition of Sinker

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