When Valley Co. acquired 80% of the common stock of Coleman Corp., Coleman owned land with a book value of $75,000 and a fair value of $125,000. What is the amount of excess land allocation attributed to the noncontrolling interest at the acquisition date

$10,000

Explanation:

The amount of excess land allocation attributed to the non controlling interest at the acquisition date is computed below;

Non controlling interest of acquisition date

= (Book value of land - Fair value of land) × 20%

Given that;

Book value of land = $125,000

Fair value of land = $75,000

Then,

Non controlling interest of acquisition date

= ($125,000 - $75,000) × 20%

= $50,000 × 20%

= $10,000

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