Reference no: EM132523002
Question - On January 2, 2019, Polo Corporation purchased 80% of Seed Company's ordinary shares for $216,000. A depreciable asset with an economic life of ten years is overvalued by $50,000. Non-controlling interest is measured at its fair value of $56,000. On the date of acquisition, Seed reported ordinary shares of $80,000 and retained earnings of $140,000, and Polo reported ordinary shares of 350,000 and retained earnings of $520,000. On December 31, 2019, Seed reported net income of $35,000 and paid dividends of $15,000. Polo reported earnings from its separate operations of $95,000, and paid dividends of $46,000.
Required -
1. What is the equity holder's parent Retained Earnings on December 31, 2019?
2. How much should be presented as non-controlling interest consolidated statement of financial position on December 31, 2019?
3. What is the consolidated net income attributable to parent shareholder's on December 31, 2019?
4. How much is consolidated net income on December 31, 2019?
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: On January 2, 2019, Polo Corporation purchased 80% of Seed Company's ordinary shares for $216,000. What is the equity holders parent Retained Earnings
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