Acquisition of Majority Ownership Lang Company reports net assets with a book value and fair value of $200,000 Pace Corporation acquires 75 percent ownership for $150,000. Pace reports net assets with a book value of $520,000 and a fair value of $640,000 at that time, excluding its investment in Lang.
Required
For each of the following, compute the amounts that would be reported immediately after the combination under current accounting practice:
a. Consolidated net identifiable assets.
b. Noncontrolling interest.

Jeanie had always been interested in how individuals and businesses effectively allocate their resources in order to accomplish personal and organizational goals. that’s why she majored in economics and took on an entry-level position at an accounting firm. she is very interested in further advancing her career by looking into a specialization that builds upon her academic background, and her interest in deepening her understanding of how companies adjust their operating results to incorporate the economic impacts of their practices on internal and external stakeholders. which specialization could jeanie follow to get the best of both worlds? jeanie should chose to get the best of both worlds.