Computing Consolidating Adjustments and Noncontrolling Interest
Philipich Company purchases 80% of Hirst Company's common stock for $300,000 cash when Hirst Company has $150,000 of common stock and $225,000 of retained earnings. If a consolidated balance sheet is prepared immediately after the acquisition, what amounts are eliminated when preparing that statement? What amount of Noncontrolling interest appears in the consolidated balance sheet?