Compute the total noncontrolling interest to be reported in, Ask an Expert

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Pope Company acquired an 80% interest in the common stock of Simon Company for $1,540,000 on July 1, 2011. Simon Company's stockholder's equity on that date consisted of: Common Stock $800,000; Other Contributed Capital $400,000; Retained Earnings $330,000.

Compute the total noncontrolling interest to be reported in the consolidated balance sheet assuming the:

1) Parent company concept

2) Economic Unit Concept.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9437738

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