Attached is a spreadsheet I created with Bowen and Duncan's financial statements for year ended Dec. 31, 2009.
Bowen acquired 60% of Duncan on April 1, 2009, for $526,000. On that date, equipment (with a 5 year life) was overvalued by $30,000. Also on that date, the fair value of the 40% noncontrolling interest was $300,000. Duncan earned income evenly during the year but received the entire dividend on Nov 1, 2009.
Determine the consolidated balance for each of the following accounts as of Dec 31, 2009:
See the spreadsheet attached. Please help!© BrainMass Inc. brainmass.com March 4, 2021, 9:14 pm ad1c9bdddf
The expert examines consolidated balances and consolidated financial statements for Bowen and Duncan.