Acquisition of Majority Ownership
Lang Company reports net assets with a book value and fair value of $200,000 Pace Corporation acquires 75 percent ownership for $150,000. Pace reports net assets with a book value of $520,000 and a fair value of $640,000 at that time, excluding its investment in Lang.
Required
For each of the following, compute the amounts that would be reported immediately after the combination under current accounting practice:
a. Consolidated net identifiable assets.
b. Noncontrolling interest.
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