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Problem 1: On January 1, 20X1, Payne Corp. purchased 70%% of Shayne Corp.'s $10 par common stock for $900,000. On this date, the carrying amount of Shayne's net assets was $1,000,000. The fair values of Shayne's identifiable assets and liabilities were the same as their carrying amounts except for plant as- sets (net), which were $200,000 in excess of the carrying amount. For the year ended December 31, 20X1, Shayne had net income of $150,000 and paid cash dividends totaling $90,000. Excess attribut- able to plant assets is amortized over 10 years. In the December 31, 20X1, consolidated balance sheet, noncontrolling interest should be reported at
a. $282,714
b. $300,500
C. $397,714
d. $345,500
Calculate the ratios and interpret the results for 5 years on the financial performance - adviser to an investor and make sure your conclusion is ended
State the cost of this plant asset being depreciated by KCM? And show the double entry to record this transaction on January 1 2017.
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