Advanced financial accounting calculation question

Q . Presented below are selected amounts from the separate unconsolidated financial statements of Poe Corp. and its 90%-owned subsidiary, Shaw Co., at December 31,2002.

Additional information as follow:

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Additional information:  


  • On January 2, 20X2, Poe, Inc. purchased 90% of Shaw Co.’s 100,000 outstanding common stock for cash of $155,000. On that date the fair value of the noncontrolling interest was  $1.70 per share. On that date, Shaw’s stockholders’ equity equaled $150,000 and the fair values of Shaw’s identifiable assets and liabilities equalled their carrying amounts. Poe has accounted for the purchase as an acquisition.


Calculate the amounts that will appear on Poe’s consolidated financial statement on December 31,



  1. Cash  (0.5 mark)
  2. Goodwill  (0.5 mark)
  3. Equipment (0.5 mark)
  4. Common stock (0.5 mark)
  5. Investment in Shaw  (0.5 mark)
  6. Dividends  (0.5 mark)
  7. Bonds payable  (0.5 mark)
  8. Non-controlling interest (0.5 mark)


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