H1. On January 1, 2020, Peace, Inc.,acquired 70 percent of Silver'soutstanding voting stock. Noexcess fair-value amortizationresulted from the acquisition.On January 1, 2020, Silver soldequipment to Peace for $20,000.This asset originally cost $32,000but had a January 1, 2020, bookvalue of $16,000. At the time oftransfer, the equipment'sremaining life was estimated to befour years. Silver reported netincome of $150,000 for year 2020.What is the noncontrollinginterest in the 2020 income of thesubsidiary?

Non Controlling Interest : It is the percentage of shares which is hold by other shareholder, for…

Business

Accounting

H1

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 8MC

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