i need the answer quickly Public Corporation acquired 90 percent of Station Company's voting common stock on January 1, 20X1, for $498,600.At the time of the combination, Station reported common stock outstanding of $120,000 and retained earnings of$384,000, and the fair value of the noncontrolling interest was $55,400. The book value of Station's net assetsapproximated market value except for patents that had a market value of $50,000 more than their book value. Thepatents had a remaining economic life of five years at the date of the business combination. Station reported netincome of $70,000 and paid dividends of $25,000 during 20X1.Required:a. What balance did Public report as its investment in Station at December 31, 20X1, assuming Public uses the equitymethod in accounting for its investment?Balance in investment accountb. Prepare the consolidation entry or entries needed to prepare consolidated financial statements at December 31,20X1.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Consolidated financial statements are the overall financial statements of any entity with multiple…

the time of the combination, Station reported common stock 884,000, and the fair value of the noncontrolling interest was proximated market value except for patents that had a marke atents had a remaining economic life of five years at the date come of $70,000 and paid dividends of $25,000 during 20X1 equired: What balance did Public report as its investment in Station at method in accounting for its investment?

the time of the combination, Station reported common stock 884,000, and the fair value of the noncontrolling interest was proximated market value except for patents that had a marke atents had a remaining economic life of five years at the date come of $70,000 and paid dividends of $25,000 during 20X1 equired: What balance did Public report as its investment in Station at method in accounting for its investment?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is reengineering?
Explain real options
I need help solving for r.
What is the CAPM? What does it tell you?
Still need answers and details for B and C?
The response provided is very brief, i need more explanation and analysis
RTN: What is its significance?