On December 31,20X8,Pancake Company acquired controlling ownership of Syrup Company.A consolidated balance sheet was prepared immediately.Partial balance sheet data for the two companies and the consolidated entity at that date follow:
During 20X8,Pancake Company provided consulting services to Syrup Company and has not yet paid for them.There were no other receivables or payables between the companies at December 31,20X8.
-Based on the information given,what amount will be reported as total controlling interest in the consolidated balance sheet?
Definitions:
Inflation Theory
is the set of various theories explaining the cause and effects of increasing prices or inflation in an economy.
Price Level
Reflects the average of current prices across the entire spectrum of goods and services produced in the economy, serving as a measure of inflation.
Value of Money
The purchasing power of money, which can vary over time due to inflation or changes in the economy.
Hold Money
The act of retaining cash or money in accounts as savings or reserves, rather than investing or spending it.
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