Chapter 14, Problem 14.26P

Perry acquired 80% of Salt on 1/1/2021 for $720,000 when Salt's equity consisted of $300,000 in capital stock and $200,000 in retained earnings. Salt's inventory was understated by $50,000 Equipment with a 10-year life, was understated by $100,000, and building, with a 25-year life, was understated by $100,000. Any excess is goodwill. 2021 2022 Perry $ Salt $ Perry $ Salt $ Separate Income Dividens 1.150.000 815.000 1.450.000 765.000 600.000 300.000 650.000 320.000 REQUIRED 1. Calculate the goodwill that should be reported in the consolidated balance sheet on December 31, 2022 2. Calculate income from Salt. for 2021 and 2022 3. Calculate the balance of the Investment in Salt account at December 31, 2021 and 2022 4. Calculate Noncontrolling interest share from Salt. for 2021 and 2022 5. Calculate the noncontrolling interest balance on December 31, 2021, and 2022

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