Park Company acquired an 80% interest in the common stock of Southdale Company for $1,540,000 on July 1,2016.Southdale Company's stockholders' equity on that date consisted of:
Required:
Compute the total noncontrolling interest to be reported in the consolidated balance sheet assuming the:
(1)parent company concept.
(2)economic unit concept.
Definitions:
Acronym
A word formed from the initial letters of a name or by combining initial letters or parts of a series of words.
FOB
Free On Board; a term in international commercial law specifying at what point the risk of loss shifts from the seller to the buyer.
Trade-In Allowance
The amount credited to the buyer by the seller when the buyer gives a previously owned product as part of the payment for a new product.
Price Reduction
A decrease in the price of a product or service, often to attract more customers or respond to market conditions.
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