Problem
Consider the following scenario:
Company A owns a 70% interest in Subsidiary B which is consolidated in Company A's general-purpose financial statements. Company A is also required to prepare parent company financial statements. At 12/31/20X1, Subsidiary B has net assets of $100. In the consolidated financial statements, Company A reflects 100% of the assets and liabilities of Subsidiary B and a noncontrolling interest of $30. In the parent company financial statements Company, A reflects its investment in Subsidiary B of $70. During 20X2, Company A purchases an additional 10% interest in Subsidiary B for its fair value of $30. Subsidiary B is consolidated in Company A's general-purpose financial statements before and after the transaction (i.e., there is no change in control as a result of the transaction).
Task
How should this transaction be reflected in Company A's parent company financial statements? Explain your analyses then write the journal entry to acquire the additional portion of the noncontrolling interest reflected in Company A's parent company financial statements.