On 1/1/2022, P Co acquired 90% of S Co stock at an amount equal to its book value. Selected balance sheet data at 1/1/ 2022, are as follows: P CO S Co Total Assets 180,000 Liabilities 60,000 Common Stock 50,000 420,000 Select one: O O O 120,000 Retained Earnings 200,000 70,000 a. 12,000 b. 10,500 c. 0 d. 30,000 100,000 In the 1/1/2022, consolidated balance sheet, what amount should be reported as non-controlling interest in net assets?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On 1/1/2022, P Co acquired 90% of S Co stock at an
amount equal to its book value.Selected balance sheet
data at 1/1/ 2022, are as follows:
P CO
S Co
Total Assets
180,000
Liabilities
60,000
Common Stock
50,000
Select one:
Retained Earnings 200,000
70,000
O
420,000
In the 1/1/2022, consolidated balance sheet, what
amount should be reported as non-controlling interest
in net assets?
a. 12,000
b. 10,500
120,000
c. 0
d. 30,000
100,000
Transcribed Image Text:On 1/1/2022, P Co acquired 90% of S Co stock at an amount equal to its book value.Selected balance sheet data at 1/1/ 2022, are as follows: P CO S Co Total Assets 180,000 Liabilities 60,000 Common Stock 50,000 Select one: Retained Earnings 200,000 70,000 O 420,000 In the 1/1/2022, consolidated balance sheet, what amount should be reported as non-controlling interest in net assets? a. 12,000 b. 10,500 120,000 c. 0 d. 30,000 100,000
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