Pippins Farms purchased 35,000 voting shares out of Sassama
Pippins Farms purchased 35,000 voting shares out of Sassamanash… Pippins Farms purchased 35,000 voting shares out of Sassamanash Inc.’s 50,000 outstanding voting shares for $350,000 on January 1, 2020.On the date of acquisition, Sassamanash’s common shares and retained earnings were valued at $120,000 and $180,000, respectively. Sassamanash’s book values approximated its fair values on the acquisition date with the exception of a patent and a trademark, neither of which had been previously recorded. The fair values of the patent and trademark on the date of acquisition were $30,000 and $20,000 respectively.On January 2, 2020, Pippins sold 7,000 shares of Sassamanash on the open market for $57,750.Pippins Farms uses the equity method to account for its investment in Sassamanash Inc. What percentage of its Investment in Sassamanash was sold by Pippins?What is Pippins ownership interest in Sassamanash after its sale?What would be the carrying amount of the “Investment in Sassamanash” account after the sale?What would be the amount of the gain or loss on the sale of the 7,000 shares?What is the amount of NCI at the date of acquisition?What is the amount of NCI on January 2, 2020 after the sale?Accounting Business Financial Accounting ACCG 21646
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