Vision Corporation acquired 75 percent of the stock of Meta Company on January 1, 20X7, for $225,000.At that date, the fair value of the noncontrolling interest was $75,000. Meta's balance sheet contained the following amounts at the time of the combination: During each of the next three years, Meta reported net income of $30,000 and paid dividends of $10,000. On January 1, 20X9, Vision sold 1,500 shares of Meta's $10 par value shares for $60,000 in cash. Vision used the fully adjusted equity method in accounting for its ownership of Meta 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 Meta Co. will be credited for:

Question

Vision Corporation acquired 75 percent of the stock of Meta Company on January 1, 20X7, for $225,000.At that date, the fair value of the noncontrolling interest was $75,000. Meta's balance sheet contained the following amounts at the time of the combination:  During each of the next three years, Meta reported net income of $30,000 and paid dividends of $10,000. On January 1, 20X9, Vision sold 1,500 shares of Meta's $10 par value shares for $60,000 in cash. Vision used the fully adjusted equity method in accounting for its ownership of Meta 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 Meta Co. will be credited for:

Quizplus · Accepted Answer

The Answer of Vision Corporation acquired 75 percent of the stock of Meta Company on January 1, 20X7, for $225,000.At that date, the fair value of the noncontrolling interest was $75,000. Meta's balance sheet contained the following amounts at the time of the combination:  During each of the next three years, Meta reported net income of $30,000 and paid dividends of $10,000. On January 1, 20X9, Vision sold 1,500 shares of Meta's $10 par value shares for $60,000 in cash. Vision used the fully adjusted equity method in accounting for its ownership of Meta 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 Meta Co. will be credited for:

Vision Corporation Acquired 75 Percent of the Stock of Meta