Please help! Not understanding this question:   The following


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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