On April 1, Pujols, Inc., exchanges $586,000 fair-value consideration for 70 percent of the outstanding stock...
On April 1, Pujols, Inc., exchanges $586,000 fair-value consideration for 70 percent of the outstanding stock of Ramirez Corporation. The remaining 30 percent of the outstanding shares continued to trade at a collective fair value of $200,400. Ramirez’s identifiable assets and liabilities each had book values that equaled their fair values on April 1 for a net total of $590,000. During the remainder of the year, Ramirez generates revenues of $651,000 and expenses of $399,000 and declared no dividends. On a December 31 consolidated balance sheet, what amount should be reported as noncontrolling interest?
Multiple Choice
-
$257,100.
-
$326,740.
-
$252,600.
-
$276,000.
Homework Answers
Non controlling interest's share of net income
= (651,000-399,000) * (100-70)%
= 75,600
Ending noncontrolling interest = Beginning 200,400 + 75,600
= 276,000
Option D
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