On January 1,20X9,Far Limited Purchased 70% of the Common Shares

question 2

Essay

On January 1,20X9,Far Limited purchased 70% of the common shares of Near Limited for $50,400,000.On the date of acquisition,Nears shareholders' equity was as follows:

The fair value of Nears assets on the date of acquisition equalled their carrying value,except for a trademark worth $500,000 that was no on Near's books.The trademark is estimated to have a useful life of 10 years.During the fiscal year ended December 31,20X9,Near earned a net income of $1,700,000,and paid dividends of $800,000.
Required:
What is the non-controlling interest on the consolidated statements of financial position at December 31,20X9?
The company uses the entity approach to calculate goodwill.

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Definitions:

Economic Impact

The effect of an event, policy, or market condition on the economy of a region or country, which may involve changes in job creation, GDP, and overall economic growth.

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A widespread outbreak of the influenza virus that affects a large population across multiple areas or countries, often leading to significant illness and mortality rates.

Civil War

A conflict between citizens of the same country. In the United States, it refers specifically to the war fought from 1861 to 1865 over issues including states' rights and slavery.

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The end of life in biological organisms, marking the permanent cessation of vital functions and processes.