Reported Balances
Roof Corporation acquired 80 percent of the stock of Gable Company by issuing shares of its common stock with a fair value of $192,000. At that time, the fair value of the noncontrolling interest was estimated to be $48,000 and the fair values of Gable’s identifiable assets and liabilities were $310,000 and $95,000, respectively. Gable’s assets and liabilities had book values of $220,000 and $95,000, respectively.
Required
Compute the following amounts to be reported immediately after the combination
a. Investment in Gable reported by Roof.
b. Increase in identifiable assets of the combined entity.
c. Increase in total liabilities of the combined entity.
d. Goodwill for the combined entity.
e. Noncontrolling interest reported in the consolidated balance sheet.
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