Business, 30.07.2019 23:10, brodycruce
Public corporation acquired 90 percent of station company’s voting common stock on january 1, 20x1, for $492,300. at the time of the combination, station reported common stock outstanding of $121,000 and retained earnings of $386,000, and the fair value of the noncontrolling interest was $54,700. the book value of station’s net assets approximated market value except for patents that had a market value of $40,000 more than their book value. the patents had a remaining economic life of five years at the date of the business combination. station reported net income of $60,000 and paid dividends of $23,000 during 20x1. required: a. what balance did public report as its investment in station at december 31, 20x1, assuming public uses the equity method in accounting for its investment
Answers: 3
90% = $54,000
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Public corporation acquired 90 percent of station company’s voting common stock on january 1, 20x1,...
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