On January 1, 2020, Pail Corporation acquired 75 percent of Sand Company's common stock for $525,000 cash. The fair value of the noncontrolling interest at that date was determined to be $175,000. At December 31, 2020, Pail reported on its general ledger Investment in Sand at $616000. What amount of Investment in Sand would be reported on the 12/31/20 consolidated Balance Sheet? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000.

On January 1, 2020, Pail Corporation acquired 75 percent of Sand Company's common stock for $525,000 cash. The fair value of the noncontrolling interest at that date was determined to be $175,000. At December 31, 2020, Pail reported on its general ledger Investment in Sand at $616000. What amount of Investment in Sand would be reported on the 12/31/20 consolidated Balance Sheet? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.

Question

On January 1, 2020, Pail Corporation acquired 75 percent of Sand Company's common stock for $525,000 cash. The
fair value of the noncontrolling interest at that date was determined to be $175,000.
At December 31, 2020, Pail reported on its general ledger Investment in Sand at $616000.
What amount of Investment in Sand would be reported on the 12/31/20 consolidated Balance Sheet?
BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE,
TYPE 1000 INSTEAD OF $1,000.

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