02) On 30 June 2010 Parent owns 80% of the share capital of Subsidiary. The non-controlling interest had a fair value of $1,300,000. Extract from the statements of financial position of Subsidiary at 30 June 2014 are shown below: Statement of financial position: Ordinary share Share premium Retained earnings 30 June 2010 $ 1,000,000 400,000 4,700,000 Select one: O a. $1,220,000 O b. $1,300,000 O c. $1,480,000 O d. $1,400,000 30 June 2014 $ 1,000,000 400,000 5,600,000 What figure for non-controlling appear in the consolidated statement of financial position as at 30 June 20X6
02) On 30 June 2010 Parent owns 80% of the share capital of Subsidiary. The non-controlling interest had a fair value of $1,300,000. Extract from the statements of financial position of Subsidiary at 30 June 2014 are shown below: Statement of financial position: Ordinary share Share premium Retained earnings 30 June 2010 $ 1,000,000 400,000 4,700,000 Select one: O a. $1,220,000 O b. $1,300,000 O c. $1,480,000 O d. $1,400,000 30 June 2014 $ 1,000,000 400,000 5,600,000 What figure for non-controlling appear in the consolidated statement of financial position as at 30 June 20X6
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![02) On 30 June 2010 Parent owns 80% of the share capital of Subsidiary. The non-controlling interest had a fair value
of $1,300,000. Extract from the statements of financial position of Subsidiary at 30 June 2014 are shown below:
Statement of financial position:
Ordinary share
Share premium
Retained earnings
Select one:
O a. $1,220,000
O b. $1,300,000
O c. $1,480,000
O d. $1,400,000
30 June 2010
$
1,000,000
400,000
4,700,000
Select one:
O a. $225,000
O b. $228,800
O c.
$223,400
O d. $255,300
What figure for non-controlling appear in the consolidated statement of financial position as at 30 June 20X6
11) On January 1, 2012 Peter Inc. acquired 80% of the
outstanding common stock of Sam Co. for $540,000.
Sam's net assets had a book value $600,000 on that date
although equipment with a ten-year life having a book
value of $10,000 had a fair market value of $30,000. Any
remaining allocation is to go to goodwill. On December
31, 2012, Sam reports revenues of $125,000 and
expenses of $50,000 while Peter reports operating
revenue of $400,000 and expenses of $250,000. What is
the consolidated net income for 2012?
30 June 2014
$
1,000,000
400,000
5,600,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ca677eb-76ee-41be-9610-c4bc7d381464%2Fe1ad3792-c8d6-418d-af4b-aaa2c0530a84%2Fjqxcnws_processed.jpeg&w=3840&q=75)
Transcribed Image Text:02) On 30 June 2010 Parent owns 80% of the share capital of Subsidiary. The non-controlling interest had a fair value
of $1,300,000. Extract from the statements of financial position of Subsidiary at 30 June 2014 are shown below:
Statement of financial position:
Ordinary share
Share premium
Retained earnings
Select one:
O a. $1,220,000
O b. $1,300,000
O c. $1,480,000
O d. $1,400,000
30 June 2010
$
1,000,000
400,000
4,700,000
Select one:
O a. $225,000
O b. $228,800
O c.
$223,400
O d. $255,300
What figure for non-controlling appear in the consolidated statement of financial position as at 30 June 20X6
11) On January 1, 2012 Peter Inc. acquired 80% of the
outstanding common stock of Sam Co. for $540,000.
Sam's net assets had a book value $600,000 on that date
although equipment with a ten-year life having a book
value of $10,000 had a fair market value of $30,000. Any
remaining allocation is to go to goodwill. On December
31, 2012, Sam reports revenues of $125,000 and
expenses of $50,000 while Peter reports operating
revenue of $400,000 and expenses of $250,000. What is
the consolidated net income for 2012?
30 June 2014
$
1,000,000
400,000
5,600,000
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