ABC invested $30 million in cash in DEF Inc, which was determined to be a VIE whose primary beneficiary is ABC Inc. The balance sheet of DEF on the acquisition date January 1, 2013 is shown below (all figures in millions $$): The fair value of DEF's non-controlling interest is $55. Required: Prepare the journal entry required for consolidation purposes on the date of acquisition assuming current Canadian GAAP.

Question

ABC invested $30 million in cash in DEF Inc, which was determined to be a VIE whose primary beneficiary is ABC Inc. The balance sheet of DEF on the acquisition date January 1, 2013 is shown below (all figures in millions $$):  The fair value of DEF's non-controlling interest is $55. Required: Prepare the journal entry required for consolidation purposes on the date of acquisition assuming current Canadian GAAP.

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The Answer of ABC invested $30 million in cash in DEF Inc, which was determined to be a VIE whose primary beneficiary is ABC Inc. The balance sheet of DEF on the acquisition date January 1, 2013 is shown below (all figures in millions $$):  The fair value of DEF's non-controlling interest is $55. Required: Prepare the journal entry required for consolidation purposes on the date of acquisition assuming current Canadian GAAP.

ABC Invested $30 Million in Cash in DEF Inc, Which $$): the Fair Value of DEF's Non-Controlling Interest Is