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What is the amount of non-controlling interest

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Question 1 - On January 1, 2019, Petunia Company purchased an 85% interest in the capital stock of Sunflower Company for $3,400 (Cash + Shares of Petunia Company). Petunia Company uses the equity method to record its investment in Sunflower Company. The plant is undervalued by 700 (7 year remaining life) and the equipment is overvalued by 200 (10 year remaining life) on January 1, 2019. Balance sheet for the Petunia and Sunflower at acquisition are included on the December 31, 2019 Consolidation worksheets on the last pages.

Required: Answer all questions in the spaces provided below.

What is the total fair value of Sunflower at acquisition?

What is the goodwill of Sunflower at acquisition?

What is the amount of non-controlling Interest reported at acquisition on the January 1, 2019 balance sheet?

Prepare the working paper entry to eliminate any income earned from Sunflower Corporation during 2019 (look to worksheet for amount. Prepare the working paper entry to eliminate Petunia's investment in Sunflower at December 31, 2019. What is the common stock of the consolidated company at December 31, 2019?

What is the retained earnings of the consolidated company at December 31, 2019?

What is the dividend declared of the consolidated company for the year end December 31, 2019?

What is the net income attributable to the controlling interest for the year ended December 31, 2019?

What is the net income attributable to the non-controlling interest for the year ended December 31, 2019?

What is the amount of non-controlling interest for the year ended December 31, 2019?

Reference no: EM132881285

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