Prepare journal entry recorded by pat at time of purchase

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Reference no: EM131258230

On January 1, 2016, Pat Corp acquired 80% of Sam Corp for $160,000 cash, which Pat controls as a subsidiary company. For the year ended December 31, 2016, Sam reported net income of $50,000 and paid dividends of $20,000.

a) Prepare journal entry recorded by Pat at the time of purchase:

b) Prepare any journal entries recorded by Pat to reflect Sam's net income and dividends:

c) What is the balance in the Non Controlling Interest account on Pat's consolidated balance sheet at December 31, 2016?

Reference no: EM131258230

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