Play Company acquired 70 percent of Screen Corporation's shares on December 31,20X5,at underlying book value of $98,000.At that date,the fair value of the noncontrolling interest was equal to 30 percent of the book value of Screen Corporation.Screen's balance sheet on January 1,20X8,contained the following balances:
On January 1,20X8,Screen acquired 5,000 of its own $2 par value common shares from Nonaffiliated Corporation for $6 per share.
-Based on the preceding information,what is the increase in the book value of the equity attributable to the parent as a result of the repurchase of shares by Screen Corporation?

Question

Play Company acquired 70 percent of Screen Corporation's shares on December 31,20X5,at underlying book value of $98,000.At that date,the fair value of the noncontrolling interest was equal to 30 percent of the book value of Screen Corporation.Screen's balance sheet on January 1,20X8,contained the following balances:
  On January 1,20X8,Screen acquired 5,000 of its own $2 par value common shares from Nonaffiliated Corporation for $6 per share.
-Based on the preceding information,what is the increase in the book value of the equity attributable to the parent as a result of the repurchase of shares by Screen Corporation?

Quizplus · Accepted Answer

The Answer of Play Company acquired 70 percent of Screen Corporation's shares on December 31,20X5,at underlying book value of $98,000.At that date,the fair value of the noncontrolling interest was equal to 30 percent of the book value of Screen Corporation.Screen's balance sheet on January 1,20X8,contained the following balances:
  On January 1,20X8,Screen acquired 5,000 of its own $2 par value common shares from Nonaffiliated Corporation for $6 per share.
-Based on the preceding information,what is the increase in the book value of the equity attributable to the parent as a result of the repurchase of shares by Screen Corporation?

Play Company Acquired 70 Percent of Screen Corporation's Shares on December