Compute the noncontrolling interest percentage on december

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Question - On December 31, 2016, Priestly Company purchased a controlling interest in Shelter Company for $1,060,000. The consolidated balance sheet on December 31, 2016 reported noncontrolling interest in Shelter Company of $265,000.

On the date of acquisition, the stockholders' equity section of Shelter Company's balance sheet was as follows:

Common stock $520,000

Other contributed capital 380,000

Retained earnings 280,000

Total 1,180,000

Required: Compute the noncontrolling interest percentage on December 31, 2016.

Reference no: EM132042070

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