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-   -   Advanced Accounting NCI balance sheet calculation required (https://www.askmehelpdesk.com/showthread.php?t=405499)

  • Oct 13, 2009, 07:47 AM
    dmajorsii
    Advanced Accounting NCI balance sheet calculation required
    17. On January 1, 20X1, Payne Corp. purchased 70% of Shayne Corp.'s $10 par common stock for $900,000. On this date, the carrying amount of Shayne's net assets was $1,000,000. The fair values of Shayne's identifiable assets and liabilities were the same as their carrying amounts except for plant assets (net), which were $200,000 in excess of the carrying amount. For the year ended December 31, 20X1, Shayne had net income of $150,000 and paid cash dividends totaling $90,000. Excess attributable to plant assets is amortized over 10 years.

    In the December 31, 20X1, consolidated balance sheet, noncontrolling interest should be reported at _______.
    a. $282,500
    b. $300,500
    c. $318,000
    d. $345,000
  • Oct 13, 2009, 12:53 PM
    rehmanvohra

    I think your answer would have helped. As a guidance take the net assets at year end and multiply by 30%
  • Dec 8, 2012, 11:10 AM
    lattie
    $282,300

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