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If a consolidated balance sheet is prepared immediately

Computing Consolidating Adjustments and Noncontrolling Interest

Philipich Company purchases 80% of Hirst Company's common stock for $300,000 cash when Hirst Company has $150,000 of common stock and $225,000 of retained earnings. If a consolidated balance sheet is prepared immediately after the acquisition, what amounts are eliminated when preparing that statement? What amount of Noncontrolling interest appears in the consolidated balance sheet?

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Accounting Basics: If a consolidated balance sheet is prepared immediately

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