Homework Answers
| Consolidated Balance sheet- Fineline Pencile Company | |
| Cash (212000+58000-81600) | $188,400.00 |
| Other Assets (415000+124000) | $539,000.00 |
| Total Assets | $727,400.00 |
| Current Liability (100000+80000) | $180,000.00 |
| Minority Interest | $20,400.00 |
| Common Stock | $287,000.00 |
| Retained Earnings | $240,000.00 |
| Total Liabilities & Stockholder Equity | $727,400.00 |
Working note
| Computation of Goodwill |
| Total Asset=182000 |
| Total Liabilities=80000 |
| net Asset= 102000 |
| 80% of Net Asset= 102000*80%=81600 |
| Amount Paid $81600 |
| Hence , No Goodwill |
| Computation of Minority Interest |
| Net Asset= 102000 |
| Share of Minority interest = 20% |
| Minority Interest= 102000*20%=20400 |
| Dear student kindly let me know, if you are having any doubt and please mark with positive rating., Thanks in advance |
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