Stick Company reports net assets with a book value and fair value of $204,000. Paste Corporation acquires 75 percent ownership for $153,000. Paste reports net assets with a book value of $529,000 and a fair value of $635,000 at that time, excluding its investment in Stick. Required: For each of the following, compute the amounts that would be reported immediately after the combination under current accounting practice:
a. Consolidated net identifiable assets.
b. Noncontrolling interest.

a. i) Consolidated Net Identifiable Assets Under Book value method=$529,000+$153000=$682,000

ii) Consolidated Net Identifiable Assets Under fair value method=$635,000+$153000=$788,000

b. Noncontrolling interest=$51000(204000-153000)

Explanation:

Consolidated Net identifiable assets are recorded in balance sheet in Non-Current Assets whereas Noncontrolling interest ins recorded on liability side.

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

agriculture and oil. natural resources, industry.