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What are the issues in determining investment

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Question - Perry Company purchases 70% of the voting rights of Sally company with the remaining 30% noncontrolling interest held by Sally former owners, who negotiated the following noncontrolling rights:

a) Any new debt above $1 million must be approved by the 30% noncontroling shareholders.

b) Any dividends or other cash distributions to owners in excess of customary historical amounts must be approved by the 30% noncontrolling shareholders.

According to the FASB ASC, what are the issues in determining whether Perry should consolidate A or report the investment under the equity method?

Reference no: EM132479092

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