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Business, 27.12.2020 15:50 sngarcia

Paint Corporation acquired 60 percent of the stock of Stain Company by issuing shares of its common stock with a fair value of $142,200. At that time, the fair value of the noncontrolling interest was estimated to be $94,800, and the fair values of Stains identifiable assets and liabilities were $303,000 and $96,000, respectively. Stains assets and liabilities had book values of $229,000 and $96,000, respectively. Required:
Compute the following amounts to be reported immediately after the combination.

a. Investment in Stain reported by Paint
b. Goodwill for the combined entity
c. Noncontrolling interest reported in the consolidated balance sheet

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