Arnez Ltd Acquired 70% of the Outstanding Common Shares of Bedard

question 12

Multiple Choice

Arnez Ltd. acquired 70% of the outstanding common shares of Bedard Ltd. At the acquisition date, Bedard's net identifiable assets had a carrying value of $825,000 and a fair market value of $1,000,000. Arnez paid $910,000 for the acquisition. Under the entity method, what amount should be reported for the non-controlling interest on the consolidated statement of financial position?

• A)$210,000
• B)$247,000
• C)$300,000
• D)$390,000

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Definitions:

Stereotypes

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Male Athletes

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Self-centered

A personality trait that involves prioritizing one's own needs and interests above those of others.

Just-world Phenomenon

The cognitive bias that leads people to believe that the world is inherently fair, causing them to rationalize an unjust situation as deserved by the victim.