ABC Corporation acquired 80 percent of XYZ Corporation on August 1 for P500,000. On that date, XYZ Corporation had the following book values and market values. What is the amount of non controlling interest on the acquisition date consolidated balance sheet?
ABC Corporation acquired 80 percent of XYZ Corporation on August 1 for P500,000. On that date, XYZ Corporation had the following book values and market values. What is the amount of non controlling interest on the acquisition date consolidated balance sheet?
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 4CE
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Question
ABC Corporation acquired 80 percent of XYZ Corporation on August 1 for P500,000. On that date, XYZ Corporation had the following book values and market values.
What is the amount of non controlling interest on the acquisition date consolidated balance sheet ?
![Book Value
P60,000
130,000
580,000
200,000
40,000
(250,000)
(10,000)
(450,000)
(300,000)
Market Value
P60,000
210,000
630,000
Cash
Inventory
Plant Assets (net)
Cost of Goods Sold
Depreciation Expense
Liabilities
(250,000)
Common Stock
Retained Earnings
Sales](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2623fc4b-8a22-47b4-8172-abf6e909b11e%2F75353938-8681-4d01-8cff-6c609a5f8cad%2Fscqqun4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Book Value
P60,000
130,000
580,000
200,000
40,000
(250,000)
(10,000)
(450,000)
(300,000)
Market Value
P60,000
210,000
630,000
Cash
Inventory
Plant Assets (net)
Cost of Goods Sold
Depreciation Expense
Liabilities
(250,000)
Common Stock
Retained Earnings
Sales
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