Please help! Not understanding this question:
The following balances were taken from the records of Oriole Company:
Common stock (1/1/20 and 12/31/20): $722,900
Retained earnings 1/1/20: $160,300
Net income for 2023: $182,600
Dividends declared in 2023: $(41,000)
Retained earnings, 12/31/20: $301,900
Total stockholders’ equity on 12/31/20: $1,024,800
Skysong Company purchased 75% of Oriole Company’s common stock on January 1, 2021 for $900,600. The difference between implied value and book value is attributable to assets with a remaining useful life on January 1, 2023 of ten years.
Compute the difference between cost/(implied) and book value applying:
1. Parent Company Theory $________
2. Economic Unit Theory $__________
Assuming the economic unit theory:
Compute noncontrolling interest in consolidated income for 2023.
Compute noncontrolling interest in net assets on December 31, 2023.
1. Non-controlling interest in consolidated income $______
2. Noncontrolling interest in net assets $________
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