hat is the percentage of outstanding voting shares of the subsidiary acquired by the parent?
hat is the percentage of outstanding voting shares of the subsidiary acquired by the parent?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The working paper eliminating entry recorded by Jay Park Co. on January 1, 20120, the date of acquisition of its subsidiary follows:
Debit: |
|
Common stock-Acquiring Company |
$20,000 |
APIC-Acquiring Company | $30,000 |
|
$25,000 |
Inventory |
$7,500 |
Plant Assets (net) |
$10,500 |
Patent |
$7,000 |
|
$20,000 |
Credit: |
|
Investment in Acquiring Company |
$92,000 |
Non-controlling interest in Acquired Company | $28,000 |
Of the goodwill recorded, $3,000 belong to the non-controlling interest.
What is the percentage of outstanding voting shares of the subsidiary acquired by the parent?
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