On December 31, 2016, Priestly Company purchased a controlling interest
Question # 00150843
Posted By:
Updated on: 12/12/2015 01:13 PM Due on: 01/11/2016
On December 31, 2016, Priestly Company purchased a controlling interest in Shelter Company for $1,060,000. The consolidated balance sheet on December 31, 2016 reported noncontrolling interest in Shelter Company of $265,000.
On the date of acquisition, the stockholders' equity section of Shelter Company's balance sheet was as follows:
Common stock | $520,000 |
Other contributed capital | 380,000 |
Retained earnings | 280,000 |
Total | 1,180,000 |
Required:
Compute the noncontrolling interest percentage on December 31, 2016.
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Rating:
/5
Solution: On December 31, 2016, Priestly Company purchased a controlling interest