ABC invested $30 million in cash in DEF Inc,which was assumed to be a VIE whose primary beneficiary is DEF ABC Inc.The balance sheet of DEF on the acquisition date January 1,2010 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 assumed to be a VIE whose primary beneficiary is DEF ABC Inc.The balance sheet of DEF on the acquisition date January 1,2010 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.

Quizplus · Accepted Answer

The Answer of ABC invested $30 million in cash in DEF Inc,which was assumed to be a VIE whose primary beneficiary is DEF ABC Inc.The balance sheet of DEF on the acquisition date January 1,2010 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 Was $$): the Fair Value of DEF's Non-Controlling Interest

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