On January 1, 2021, PORKING acquired majority of SAPER’s outstanding voting stocks. On that day, the (incomplete) working paper entries on that day were as follow WPE#1 Dr: Ordinary shares of SAPER 300,000   Dr: APIC of SAPER 300,000   Dr: RE of SAPER 375,000        Cr: Investment in SAPER ?        Cr: Non-controlling interest ?       WPE#2 Dr: Assets of SAPER 174,500        Cr: Investment in SAPER 113,425        Cr: Non-controlling interest ?       WPE#3 Dr: Goodwill ?        Cr: Investment in SAPER 74,075        Cr: Non-controlling interest ? Group of answer choices a.None of the choices b.50% c.100% d.75%

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 25E
icon
Related questions
Question

On January 1, 2021, PORKING acquired majority of SAPER’s outstanding voting stocks. On that day, the (incomplete) working paper entries on that day were as follow

WPE#1

Dr: Ordinary shares of SAPER

300,000

 

Dr: APIC of SAPER

300,000

 

Dr: RE of SAPER

375,000

 

     Cr: Investment in SAPER

?

 

     Cr: Non-controlling interest

?

 

 

 

WPE#2

Dr: Assets of SAPER

174,500

 

     Cr: Investment in SAPER

113,425

 

     Cr: Non-controlling interest

?

 

 

 

WPE#3

Dr: Goodwill

?

 

     Cr: Investment in SAPER

74,075

 

     Cr: Non-controlling interest

?

Group of answer choices
a.None of the choices
b.50%
c.100%
d.75%
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Consolidations
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage