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consolidated balance sheet for minority interest
On last day of year Jones Co. purchased 90% of common stock of Smith Inc. for $5000000. At that time, Smith Inc. reported on its balance sheet: assets $7400000, liabilities $1300000, common stock $10 par, $5000000; retained earnings $1100000. In negotiating the stock sale, it was determined that the book carrying amounts of Smith's recorded assets and equities approximated their current market values.
At the date of acquisition the amount to be reported on the consolidated balance sheet for minority interest is: 110000 or 500000 or 610000 or 640000 |
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