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Question 1: PCD Corp. acquired 80% of the outstanding common shares of SAL Inc. At the date of acquisition, SAL had preference shares (classified as equity) outstanding with a book value of $100,000 and a fair market value of $140,000. None of the preference shares were owned by PCD. The preference shares had no dividends in arrears at this date. Which of the following statements best describes how preference shares would be reported on the consolidated statement of financial position at the date of acquisition?
Option a) Preference shares would be reported as part of the non-controlling interest (NCI) in the equity section of the statement of financial position and valued at $100,000.
Option b) Preference shares would be reported at $100,000 in the equity section of the statement of financial position.
Option c) Preference shares would be reported as part of the NCI in the equity section of the statement of financial position and valued at $140,000.
Option d) Preference shares would be reported at $140,000 in the equity section of the statement of financial position.
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