Delta Corporation acquires 70 percent of Bravo Company’s stock. What amount of non-controlling interest is recognized on the acquisition date balance sheet if Telephone has the following account balances? Book Value Market Value Cash P10,000 P10,000 Inventory 80,000 80,000 Plant Assets (net) 350,000 350,000 Cost of Goods Sold 130,000 Depreciation Expense 20,000 Liabilities (110,000) (110,000) Common Stock (30,000) Retained Earnings (260,000) Sales (190,000) Please explain step by step with clear explanation
Delta Corporation acquires 70 percent of Bravo Company’s stock. What amount of non-controlling interest is recognized on the acquisition date
Book Value Market Value
Cash P10,000 P10,000
Inventory 80,000 80,000
Plant Assets (net) 350,000 350,000
Cost of Goods Sold 130,000
Liabilities (110,000) (110,000)
Common Stock (30,000)
Sales (190,000)
Please explain step by step with clear explanation on how it happened.Thank you.
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