Question 1 Question text
On January 1, 2015, Pomegranate Company acquired 90% of the voting stoc of !tarfruit Company for "#$,200,000 in cash &he fair va'ue of the noncontro''ing interest in !tarfruit at the date of acquisition (as "),100,000 !tarfruit*s +oo va'ue (as ",$00,000 at the date of acquisition !tarfruit*s assets and 'ia+i'ities (ere reported on its +oos at va'ues appro-imating fair va'ue, e-cept its p'ant and equipment .10/year 'ife, straight/'ine (as overva'ued +y "1#,500,000 ! tarfruit Company had previous'y unreported intangi+'e assets, (ith a maret va'ue of "1$,#00,000 and 5/year 'ife, straight/'ine, (hich (ere capita'ied fo''o(ing 33P 3t the date of acquisition, conso'idation e'iminating entry .4 credits the noncontro''ing interest in !tarfruit Company in the amount of ")90,000 "2,#20,000 "),100,000 "#,#50,000
