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What credit to investment in slither for eliminating entry

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Reference no: EM131967127

Problem

Python acquires 80% of the voting stock of Slither on January 1, 2017 for $1,500,000. The fair value of the noncontrolling interest is $350,000. Slither's balance sheet at the date of acquisition is as follows:

Book Value

Dr (Cr)

Fair Value

Dr (Cr)

Tangible assets

$5,000,000

$3,500,000

Identifiable intangibles

-

2,000,000

Liabilities

(3,000,000)

(3,000,000)

Capital stock

(500,000)

-

Retained earnings

(1,400,000)

-

Accumulated other comprehensive income

(100,000)

On the consolidation working paper at January 1, 2017, what is the credit to Investment in Slither for eliminating entry (R)?

Reference no: EM131967127

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