Question - On December 31, 2016, Priestly Company purchased a controlling interest in Shelter Company for $1,060,000. The consolidated balance sheet on December 31, 2016 reported noncontrolling interest in Shelter Company of $265,000.
On the date of acquisition, the stockholders' equity section of Shelter Company's balance sheet was as follows:
Common stock $520,000
Other contributed capital 380,000
Retained earnings 280,000
Total 1,180,000
Required: Compute the noncontrolling interest percentage on December 31, 2016.