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Paint Corporation acquired 80 percent of the stock of Stain Company by issuing shares of its common stock with a fair value of $192,000

Accounting

Share With

Paint Corporation acquired 80 percent of the stock of Stain Company by issuing shares of its common stock with a fair value of $192,000. At that time, the fair value of the noncontrolling interest was estimated to be $48,000, and the fair values of Stain's identifiable assets and liabilities were $310,000 and $95,000, respectively. Stain's assets and liabilities had book values of $220,000 and $95,000, respectively.

Required

Compute the following amounts to be reported immediately after the combination

1. Investment in Stain reported by Paint.
2. Goodwill for the combined entity.
3. Noncontrolling interest reported in the consolidated balance sheet.