What noncontrolling interest should be report

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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

Reference no: EM132735941

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