Solution-Determine the consolidated balances as of january

Determine the consolidated balances as of january

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Reference no: EM132103833

Question - Passerby International purchased 80% of Standaround Company's outstanding common stock for $200,000 on January 2, 2014. At that time, the fair value of Standaround's net assets were equal to the book values. The balance sheets of Passerby and Standaround at January 2, 2014 are summarized as follows:

	Passerby	Standaround
Assets	$1,600,000	$470,000
Liabilities	$840,000	$230,000
Capital stock	360,000	50,000
Retained earnings	400,000	190,000

Determine the consolidated balances as of January 2, 2014 for the following five balance sheet line items: Goodwill, Liabilities, Capital stock, Retained earnings, and Noncontrolling interest.

Reference no: EM132103833

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Determine the consolidated balances as of january

Reference no: EM132103833

Reference no: EM132103833

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