On December 31,2010,Patenne Incorporated Purchased 60% of Smolin Manufacturing for $300,000.The

question 21

Essay

On December 31,2010,Patenne Incorporated purchased 60% of Smolin Manufacturing for $300,000.The book value and fair value of Smolin's assets and liabilities were equal with the exception of plant assets which were undervalued by $60,000 and had a remaining life of 10 years,and a patent which was undervalued by $40,000 and had a remaining life of 5 years.At December 31,2012,the companies showed the following balances on their respective adjusted trial balances:
Requirement 1: Calculate the balance in the Plant assets - net and the Patent accounts on the consolidated balance sheet as of December 31,2012.
Requirement 2: Calculate consolidated net income for 2012,and the amount allocated to the controlling and noncontrolling interests.
Requirement 3: Calculate the balance of the noncontrolling interest in Smolin to be reported on the consolidated balance sheet at December 31,2012.

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Definitions:

Companionate Love

A form of love characterized by deep affection, friendship, and emotional intimacy, as opposed to passionate love or infatuation.

Sexual Orientation

The inherent or enduring emotional, romantic, or sexual attraction that one feels towards others, categorized by the gender of those to whom one is attracted.

Gender Identity

An individual's personal sense of their own gender, which may or may not correspond with their sex assigned at birth.

Gender Assignment

The determination of an infant's sex at birth, typically based on physical anatomy, and the societal roles and expectations associated with that sex.