Park Company acquired an 80% interest in the common stock of Southdale Company for $1,540,000 on July 1, 2016. Southdale Company's stockholders' equity on that date consisted of: 
Required:
Compute the total noncontrolling interest to be reported in the consolidated balance sheet assuming the:
(1) parent company concept.
(2) economic unit concept.
Definitions:
Children's Thinking
The process by which children make sense of the world around them through learning, understanding, and reasoning; it evolves as they grow, influenced by their experiences and development stages.
Cohort
A group of individuals sharing a significant common characteristic, often utilized in studies to examine specific outcomes over a time period.
Cross-Sectional Study
An observational type of study that analyzes data from a population, or a representative subset, at a specific point in time.
Random Sample
A method of selecting individuals from a population where each has an equal chance of being chosen, ensuring the sample's representativeness.
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