On January 3,20X9,Pine Company acquired 75 percent of Sap Company's outstanding common stock for cash.The fair value of the noncontrolling interest was equal to a proportionate share of the book value of Sap Company's net assets at the date of acquisition.Selected balance sheet data at December 31,20X9,are as follows:

-Based on the preceding information,what amount will Pine Company report as common stock outstanding in its consolidated balance sheet at December 31,20X9?
A)$120,000
B)$180,000
C)$156,000
D)$264,000

Question

On January 3,20X9,Pine Company acquired 75 percent of Sap Company's outstanding common stock for cash.The fair value of the noncontrolling interest was equal to a proportionate share of the book value of Sap Company's net assets at the date of acquisition.Selected balance sheet data at December 31,20X9,are as follows:
 
-Based on the preceding information,what amount will Pine Company report as common stock outstanding in its consolidated balance sheet at December 31,20X9?
A)$120,000 
B)$180,000 
C)$156,000 
D)$264,000

Quizplus · Accepted Answer

The Answer of On January 3,20X9,Pine Company acquired 75 percent of Sap Company's outstanding common stock for cash.The fair value of the noncontrolling interest was equal to a proportionate share of the book value of Sap Company's net assets at the date of acquisition.Selected balance sheet data at December 31,20X9,are as follows:
 
-Based on the preceding information,what amount will Pine Company report as common stock outstanding in its consolidated balance sheet at December 31,20X9?
A)$120,000 
B)$180,000 
C)$156,000 
D)$264,000

On January 3,20X9,Pine Company Acquired 75 Percent of Sap Company's