Business, 06.12.2019 23:31, jaimejohnston2

On january 1, tesco company spent a total of $4,332,000 to acquire control over blondel company. this price was based on paying $471,000 for 20 percent of blondel’s preferred stock and $3,861,000 for 90 percent of its outstanding common stock. at the acquisition date, the fair value of the 10 percent noncontrolling interest in blondel’s common stock was $429,000. the fair value of the 80 percent of blondel’s preferred shares not owned by tesco was $1,884,000. blondel’s stockholders’ equity accounts at january 1 were as follows:

preferred stock—9%, $100 par value, cumulative and participating;

10,000 shares outstanding

$ 1,000,000
common stock—$50 par value; 40,000 shares outstanding 2,000,000
retained earnings 3,370,000

total stockholders’ equity $ 6,370,000

tesco believes that all of blondel’s accounts approximate their fair values within the company’s financial statements. what amount of consolidated goodwill should be recognized?

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On january 1, tesco company spent a total of $4,332,000 to acquire control over blondel company. thi...