On July 1, 2018, Manama Co. acquired 99% of the outstanding ordinary share capital of Amwaj Co. for $990,000. The remaining 1% was held by a shareholder who was unwilling to sell the share. Amwaj Co.'s net assets had a book value of $950,000 and a fair market value of $50,000 more than the carrying value when it was acquired by Manama Co. Determine the Non-Controlling Interest using the full goodwill method.
On July 1, 2018, Manama Co. acquired 99% of the outstanding ordinary share capital of Amwaj Co. for $990,000. The remaining 1% was held by a shareholder who was unwilling to sell the share. Amwaj Co.'s net assets had a book value of $950,000 and a fair market value of $50,000 more than the carrying value when it was acquired by Manama Co. Determine the Non-Controlling Interest using the full goodwill method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On July 1, 2018, Manama Co. acquired 99% of the outstanding ordinary share capital of Amwaj Co. for $990,000. The remaining 1% was held by a shareholder who was unwilling to sell the share. Amwaj Co.'s net assets had a book value of $950,000 and a fair market value of $50,000 more than the carrying value when it was acquired by Manama Co.
Determine the Non-Controlling Interest using the full
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