Required information On January 1, 20X2, Power Company acquired 80 percent of Strong Company's outstanding stock for cash. The fair value of the noncontrolling interest was equal to a proportionate share of the book value of Strong Company's net assets at the date of acquisition. Selected balance sheet data at December 31, 20X2 are as follows: Total Assets Liabilities Common Stock Retained Earnings Total Liabilities & Stockholders' Equity Power $ 564,000 180,000 150,000 234,000 $ 564,000 Strong $ 216,000 65,000 80,000 96,000 $ 241,000 on the preceding information, what amount should be reported as noncontrolling interest in net assets in Power Company's December 31, 20X2, consolidated balance she

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is