Business, 28.07.2020 17:01 Braxton12

Plate Corporation acquired 75 percent of the stock of Silver Company on January 1, 20X7, for $225,000. At that date, the fair value of the noncontrolling interest was $75,000. Silver's balance sheet contained the following amounts at the time of the combination: Cash $40,000 Accounts Payable $50,000
Accounts Receivable 40,000 Bonds Payable 50,000
Inventory 20,000 Common Stock 100,000
Buildings and
Equipment (net) 300,000 Retained Earnings 200,000
Total Assets $400,000 $400,000
During each of the next three years, Silver reported net income of $30,000 and paid dividends of $10,000. On January 1, 20X9, Plate sold 1,500 shares of Silver's $10 par value shares for $60,000 in cash. Plate used the fully adjusted equity method in accounting for its ownership of Silver Company. Based on the preceding information, in the elimination entries to complete a full consolidation worksheet for 20X9, noncontrolling interest in the net income of Silver Co. will be credited for:.
A. $12,000.
B. $8,000.
C. $7,500.
D. $2,500.

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Plate Corporation acquired 75 percent of the stock of Silver Company on January 1, 20X7, for $225,00...

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