Quoton Corporation acquired 80 percent of Tempro Companyâs common stock on December 31, 20X5, at underlying book value. The book values and fair values of Temproâs assets and liabilities were equal, and the fair value of the noncontrolling interest was equal to 20 percent of the total book value of Tempro. Tempro provided the following trial balance data at December 31, 20X5:Is d correctDebitCredit Cash$28,000 Accounts Receivable65,000 Inventory90,000 Buildings and Equipment (net)210,000 Cost of Goods Sold105,000 Depreciation Expense24,000 Other Operating Expenses31,000 Dividends Declared15,000 Accounts Payable$33,000 Notes Payable120,000 Common Stock90,000 Retained Earnings130,000 Sales195,000 Total$568,000$568,000Required:a.How much did Quoton pay to purchase its shares of Tempro?b.If consolidated financial statements are prepared at December 31, 20X5, what amount will be assigned to the noncontrolling interest in the consolidated balance sheet?c.If Quoton reported income of $143,000 from its separate operations for 20X5, what amount of consolidated net income will be reported for 20X5?d.If Quoton had purchased its ownership of Tempro on January 1, 20X5, at underlying book value and Quoton reported income of $143,000 from its separate operations for 20X5, what amount of consolidated net income would be reported for 20X5?
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