_____ On 7/1/06, Pane acquired 60% of Sill's outstanding common stock for $480,000 cash. The book value of Sill's net assets is $500,000. Sill's only over-or undervalued asset or liability is a building that has a book value of $700,000 and a current value of $900,000. The building has a remaining life of 10 years. Sill reported $150,000 of postacquisition net income for 2006 and declared dividends of $100,000 in 2006 after the acquisition date.
Under the parent company concept, at what amount would the noncontrolling interest be reported in the consolidated balance sheet at 12/31/06?
A) $200,000
B) $212,000
C) $216,000
D) $220,000
E) None of the above.
Correct Answer:
Verified
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