on the last day of the year jones company purchased 90% of smith inc. for $5000000. At the time, smith inc. reported the following on its balance sheet: assets $7400000; Liabilities$1300000; common stock, $10 par, $5000000; retained earnings $1100000. In negotiation the stock sale, it was determined that the book carrying amounts of smiths recorded assets and equities approx. their current market values.
at the date of acquistion the amount to be reported on the consolidated balance sheet for minority is a)110000, b)500000c)610000 d)640000

on thw last day of the year jones company purchased 90% of smith inc., for $5000000. at the time, smith inc. reported the following on its balance sheet: assets $7400000; Liabilities$1300000; common stock, $10 par, $5000000; retained earnings $1100000. in negotiation the stock sale, it was determined that the book carrying amounts of smiths recorded assets and equities approx. their current market values.
at the date of acquistion the amount to be reported on the consolidated balance sheet for minority is a)110000, b)500000c)610000 d)640000

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