Plz needed fast : On January 1, 2018 Moonlight Company paid $8.50 per share to acquire 60% of the 100,000 voting common stock of Star
Plz needed fast : On January 1, 2018 Moonlight Company paid $8.50 per share to acquire 60% of the 100,000 voting common
stock of Star Company whose shares are trading at $7.00. Star’s building is undervalued by $30,000 with 5
years remaining useful life. The following information is available under this acquisition:
Fair value at
Fair value of Star
(A) Briefly explain the effects of the excess price paid by Moonlight over the trading value of Star’s shares on
– goodwill and
– consolidation entries.
(B) Calculate the goodwill to be allocated to controlling and noncontrolling interest and prepare
consolidation entry ‘A’ that is appropraite in the above case.
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