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Exacto Company reported the following net income and dividends for the years indicated: YEAR NET INCOME DIVIDENDS 20x5 $ 35,000 $12,000 20x6 45,000 20,000 20x7 30,000 14,000 True Corporation acquired 75 percent of Exacta's common stock January 1, 20x5. On that date, the fair value of Exacta's net assets was equal to the book value. True uses the equity method in accounting for its ownership in Exacto and reported a balance of $259,800 in its investment account on December 31, 20x7.
Required a. What amount did True pay when it purchased Exacto's shares? b. What was the fair value of Exacto's net assets on January 1, 20x5? c. What amount was assigned to the NCI shareholders on January 1, 20x5? d. What amount will be assigned to the NCI shareholders in the consolidated balance sheet prepared at December31, 20x7?
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