Business, 12.08.2020 07:01 ashyding4800
On January 1, 2015, Porter Company purchased an 80% interest in Salem Company for $256,900. On this date, Salem Company had common stock of $210,300 and retained earnings of $128,400.
An examination of Salem Company’s balance sheet revealed the following comparisons between book and fair values:
Book Value Fair Value
Inventory $29,600 $34,800
Other current assets 50,100 55,100
Equipment 303,400 347,200
Land 196,800 196,800
Determine the amounts that should be allocated to Salem Company’s assets on the consolidated financial statements workpaper on January 1, 2015. (Parent Share, Non-controlling share, and Entire Value)
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On January 1, 2015, Porter Company purchased an 80% interest in Salem Company for $256,900. On this...
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