This is a sample CPA FAR question: Company ABC recently acquired a subsidiary and needs to prepare consolidated financial statements. The subsidiary has assets worth $2 million, liabilities of $800,000, and common stock of $600,000. The non-controlling interest in the subsidiary is 20%. What is the consolidated value of the subsidiary's liabilities that should be reported? A) $800,000 B) $640,000 C) $520,000 D) $480,000 Please don't provide answer in image format thank you
This is a sample CPA FAR question: Company ABC recently acquired a subsidiary and needs to prepare consolidated financial statements. The subsidiary has assets worth $2 million, liabilities of $800,000, and common stock of $600,000. The non-controlling interest in the subsidiary is 20%. What is the consolidated value of the subsidiary's liabilities that should be reported? A) $800,000 B) $640,000 C) $520,000 D) $480,000 Please don't provide answer in image format thank you
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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This is a sample CPA FAR question:
Company ABC recently acquired a subsidiary and needs to prepare consolidated financial statements. The subsidiary has assets worth $2 million, liabilities of $800,000, and common stock of $600,000. The non-controlling interest in the subsidiary is 20%. What is the consolidated value of the subsidiary's liabilities that should be reported?
A) $800,000 B) $640,000 C) $520,000 D) $480,000
Please don't provide answer in image format thank you
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