Question - Park Company acquired an 80% interest in the common stock of Southdale Company for $1,540,000 on July 1, 2016.
Southdale Company's stockholders' equity on that date consisted of:
Common stock $800,000
Other contributed capital 400,000
Retained earnings 330,000
Required: Compute the total noncontrolling interest to be reported in the consolidated balance sheet assuming the:
1. Parent company concept.
2. Economic unit concept.