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Question - On January 1, 1999, Goblin Corp. acquired 90% of Parker Inc. by paying $119,250 cash. There is no active trading market for Parker Incorporated. Parker Inc. also reported a Common Share account balance of $35,000 and Retained Earnings of $70,000 at that date. An appraisal was done on Parker Inc., determining that the fair value of the company was now $132,500. Total annual amortization was $2,750 because of this transaction. Parker Inc. earned $24,500 in 1999 and $31,500 in 2000 with dividend payments of $10,500 each year. Without regard for this investment, Goblin Corp. had an income of $77,000 in 1999 and $91,000 in 2000. Use the economic unit concept to account for this acquisition.
Required -
1. Create a proper presentation of consolidated net income for 1999.
2. Create a proper presentation of consolidated net income for 2000.
3. What is the non-controlling interest balance as of December 31, 2000?
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