On December 31, 20X8, Pancake Company acquired controlling ownership of Syrup Company. A consolidated balance sheet was prepared immediately. Partial balance sheet data for the two companies and the consolidated entity at that date follow:  PancakeSyrupConsolidated CompanyCompanyEntityCash $80,000   $30,000   $110,000  Accounts Receivable  50,000    ?    78,000  Inventory  60,000    50,000    115,000  Buildings and Equipment  200,000    140,000    365,000  Less: Accumulated Depreciation  (50,000)   (28,000)   (78,000) Investment in Syrup Stock  ?            Goodwill            15,000  Total Assets $464,000   $230,000   $605,000                  Accounts

Payable $60,000   $32,000   $82,000  Wages Payable  ?    ?    78,000  Notes Payable  100,000    60,000    160,000  Common Stock  100,000    50,000    ?  Retained Earnings  154,000    60,000    ?  Noncontrolling Interest            31,000  Total Liabilities and Equities  ?   $230,000   $605,000  During 20X8, Pancake Company provided consulting services to Syrup Company and has not yet paid for them. There were no other receivables or payables between the companies at December 31, 20X8.Based on the information given, what amount will be reported as total controlling interest in the consolidated balance sheet? 

A. $364,000
B. $254,000
C. $285,000
D. $395,000


Answer: B

Business

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