Reference no: EM132694663
On January 1, 20x1, ABC Co. acquired 80% interest in XYZ, Inc. by issuing 5,000 shares with fair value of ?15 per share. On this date, XYZ's total equity was ?74,000. The investment in subsidiary is measured at cost.
XYZ's assets and liabilities approximate their fair values on January 1, 20x1 except for the following:
XYZ, Inc. Carrying amounts Fair values Fair value adjustments
Inventory 23,000 31,000 8,000
Equipment (4 yrs. remaining life) 40,000 48,000 8,000
Total 63,000 79,000 16,000
There were no intercompany transactions during 20x1. However, it was determined that goodwill is impaired by ?1,000.
Problem 1: How much is the goodwill attributable to NCI as of December 31, 20x1
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