Bass acquired its 70% holding in Miller many years ago. At 31 December 2007 Miller had inventory with a carrying amount of $15,000 purchased from Bass a cost plus 75% What are the effects on non-controlling interest and retained earnings in the consolidated statement of financial position after dealing with the consolidation adjustment required for inventory?
Bass acquired its 70% holding in Miller many years ago. At 31 December 2007 Miller had inventory with a carrying amount of $15,000 purchased from Bass a cost plus 75% What are the effects on non-controlling interest and retained earnings in the consolidated statement of financial position after dealing with the consolidation adjustment required for inventory?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
9. Bass acquired its 70% holding in Miller many years ago. At 31 December 2007 Miller had inventory with a
carrying amount of $15,000 purchased from Bass a cost plus 75% What are the effects on non-controlling interest and
financial position after dealing with the consolidation adjustment required for inventory?
(Select your answer using the rectanguler buttons)
A
No effect
B No effect
Reduce by 5000
Reduce by $1.125
Reduce by $3,000
Reduce by 53.750
Reduce by 52, 100
Reduce by $2.625
D
O A
B
OD
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