SOLUTION IN GOOD ACCOUNTING FORMIn the December 31, year 1 consolidated balance sheet,noncontrolling interest should be reported at January 1,year 1, ABC Corporation purchased 80% of XYZCorporation's P10 par common stock for P975,000. On thisdate, the carrying amount of XYZ's net assets wasP1,000,000. The fair values of XYZ's identifiable assets andliabilities were the same as their carrying amounts except forplant assets (net) with fair values of P100,000 in excess oftheir carrying amount. The fair value of the noncontrollinginterest in XYZ on January 1, year 1, was P250,000. For theyear ended December 31, year 1, XYZ had net income ofP190,000 and paid cash dividends totaling P125,000. :.

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Description: SOLUTION IN GOOD ACCOUNTING FORMIn the December 31, year 1 consolidated balance sheet,noncontrolling interest should be reported at January 1,year 1, ABC Corporation purchased 80% of XYZCorporation's P10 par common stock for P975,000. On thisdate, th

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SOLUTION IN GOOD ACCOUNTING FORM In the December 31, year 1 consolidated balance sheet, noncontrolling interest should be reported at

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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