On January 1,20X8,Parsley Corporation acquired 75 percent of Sage Company's voting common stock for $90,000 cash.At that date,the fair value of the noncontrolling interest was $30,000.Sage's balance sheet at the date of acquisition contained the following balances:
At the date of acquisition,the reported book values of Sage's assets and liabilities approximated fair value.Consolidating entries are being made to prepare a consolidated balance sheet immediately following the business combination.
-Based on the preceding information,in the entry to eliminate the investment balance,
Definitions:
Clarification Studies
Research designed to increase understanding or provide explanations for specific phenomena, often by removing ambiguities.
Duplication Studies
Research conducted to repeat the methodology and experiment of a previous study to verify its findings and conclusions.
Statistically Significant
A mathematicallly determined indicator that the results of a study or experiment are unlikely to have occurred by chance.
Probability
The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.
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