Power Company owns 90 percent of Pleasantdale Dairy’s stock. The balance sheets of the two companies immediately after the Pleasantdale acquisition showed the following amounts:
CompanyPleasantdale Dairy Assets Cash & Receivables$131,000 $87,000 Inventory 212,000 107,000 Land 85,000 43,000 Buildings & Equipment (net) 406,000 239,000 Investment in Pleasantdale Stock 279,000 Total Assets$1,113,000 $476,000 Liabilities & Stockholders’ Equity Current Payables$70,000 $26,000 Long-Term Liabilities 267,000 170,000 Common Stock 393,000 71,000 Retained Earnings 383,000 209,000 Total Liabilities & Stockholders’ Equity$1,113,000 $476,000
The fair value of the noncontrolling interest at the date of acquisition was determined to be $31,000. The full amount of the increase over book value is assigned to land held by Pleasantdale. At the date of acquisition, Pleasantdale owed Power $11,000 plus $1,300 accrued interest. Pleasantdale had recorded the accrued interest, but Power had not.
I need help ffiguring out the consolidation entry for Land? I don’t know what number to multiply by