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Passerby International purchased 80% of Standaround Company's outstanding common stock for $200,000 on January 2, 2014. At that time, the fair value of Standaround’s net assets was equal to the book values. The balance sheets of Passerby and Standaround at January 2, 2014 are summarized as follows:

                                              Passerby     Standaround

Assets                                  $1,600,000           $470,000

Liabilities                                 $840,000           $230,000

Capital stock                             360,000              50,000

Retained earnings                      400,000             190,000

Determine the consolidated balances as of January 2, 2014 for the following five balance sheet line items: Goodwill, Liabilities, Capital stock, Retained earnings, and No controlling interest.

Financial Accounting, Accounting

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  • Reference No.:- M91523089

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