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The fair value of the noncontrolling interest at the date of acquisition was determined to be $29,200. The full amount of the increase over book...
The fair value of the noncontrolling interest at the date of acquisition was determined to be $29,200. The full amount of the increase over book value is assigned to land held by Pleasantdale. At the date of acquisition, Pleasantdale owed Power $12,000 plus $1,400 accrued interest. Pleasantdale had recorded the accrued interest, but Power had not.
Required:Prepare a consolidated balance sheet worksheet. (Values in the first two columns (the "parent" and "subsidiary" balances) that are to be deducted should be indicated with a minus sign, while all values in the "Consolidation Entries" columns should be entered as positive values. For accounts where multiple adjusting entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)
