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PAR Inc. purchased 70% of SUBS Inc. on January 1, 2020 for $2,100,000. SUBS's common shares and retained earnings were worth $850,000 each on that date. SUBS uses the cost method internally to account for the investment.
The acquisition differential was allocated as follows: Trademark $38,000 (which had not been previously recorded)Inventory $10,000 (fair value in excess of book value)
Required:
Problem a) Calculate PAR's consolidated income for 2020.
Problem b) Calculate income attributable to PAR for 2020.
Problem c) Calculate income attributable to non-controlling interest for 2020.
Problem d) Calculate non-controlling interest as reflected in equity at December 31, 2020
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