(Solved) Mickelson Company acquired an 80% interest in Footjoy on January 1, Year 1, for $1,400,000. The book value of Footjoy’s identifiable

Mickelson Company acquired an 80% interest in Footjoy on January 1, Year 1, for $1,400,000. The book value of Footjoy’s identifiable net assets at that date was $1,100,000. One depreciable asset (10-year life) had a fair value that exceeded its book value by $150,000. Footjoy reported $90,000 of net income in Year 1 and paid $36,000 in dividends. What was the noncontrolling interest in net assets as of the date of December 31, Year 1?

a. 1,407,800

b. 368,000

c. 357,800

d. 360,800

Expert Answer

Answer to Mickelson Company acquired an 80% interest in Footjoy on January 1, Year 1, for $1,400,000. The book value of Footjoy’s identifiable…
OR
Order Now
×

Hello!

Click one of our contacts below to chat on WhatsApp

× How can I help you?