1
Stock Ownership Less Than 100%
 Ownership of more than 50% of voting stock
requires consolidation of 100% of subsidiary
with a parent’s own accounts
 Noncontrolling interest
 Portion of the subsidiary’s stock held by other
investors
 Noncontrolling interest appears as a separate line
in the equity section of the balance sheet, and
 Noncontrolling interest’s share of subsidiary’s
income appears as a separate line on the income
statement
©Cambridge Business Publishing, 2010
Reasons for Less-Than-100%
Acquisitions
 Subsidiary’s previous owners wanted to
retain an interest in the company
 Acquirer does not want to invest the
resources necessary to buy all of the
acquiree’s stock
 Acquirer cannot convince all the
stockholders to sell
 A smaller investment suffices to achieve
the acquirer’s goals
©Cambridge Business Publishing, 2010
2
3
Parent’s Acquisition Cost
 Acquisition cost includes
 Fair value of shares and debt issued
 Net of registration and issue costs
 Cash paid directly to the former shareholders
of the acquired subsidiary
 Any expected conditional payments
©Cambridge Business Publishing, 2010
Valuation of Noncontrolling Interests
and Goodwill at Acquisition
 Current GAAP
 Noncontrolling interests reported at fair value
 Revaluations of acquired identifiable net assets
and goodwill are attributed to both the
controlling and noncontrolling interests
 In proportion to ownership interests
 Goodwill is separately attributable to each
interest
 Often in different proportions
©Cambridge Business Publishing, 2010
4
Noncontrolling Interests and
Goodwill at Acquisition Example
Admiral Casino pays $42,600,000 cash for 80% of the stock of Gold
Road Motor Inn, Inc. on January 1, 2010. Gold Road’s book value
equals $10 million, consisting of $2.5 million of stock and $7.5 million
of retained earnings. The book values of net assets equal fair value
except for previously unrecorded customer lists valued at $5 million
with a 4-year life. The estimate of the fair value of the 20%
noncontrolling interest is $8,400,000.
Total Goodwill calculation:
Acquisition cost
Fair value of noncontrolling interest
Total fair value
Book value of Gold Road
Fair value in excess of Gold Road's book value
Difference between fair value and book value:
Customer lists
Goodwill
©Cambridge Business Publishing, 2010
$ 42,600,000
8,400,000
51,000,000
(10,000,000)
41,000,000
(5,000,000)
$ 36,000,000
5
Noncontrolling Interests and
Goodwill at Acquisition Example
6
To allocate goodwill between controlling and
noncontrolling interests:
Step 1 – Allocate goodwill to controlling interest:
Acquisition cost
Less controlling interest in the fair value of Gold
Road's identifiable net assets:
80% × ($10,000,000 + $5,000,000)
Controlling interest’s share
$ 42,600,000
(12,000,000)
$ 30,600,000
Step 2 – Allocate balance of goodwill to non-controlling interest:
Total goodwill
Less goodwill to controlling interest
Noncontrolling interest's share
$ 36,000,000
(30,600,000)
$ 5,400,000
Ownership interests do not govern goodwill allocation.
©Cambridge Business Publishing, 2010
Measuring Fair Value of
Noncontrolling Interests
 Based on current market prices of a
publicly-traded company for shares not
held by the acquirer, if available
 Reflects transactions among noncontrolling
shareholders
 Business valuation methods less a discount
for lack of control
©Cambridge Business Publishing, 2010
7
Noncontrolling Interests –
Premium and Discounts
An acquiree’s current market price is $30 per share.
The acquirer is willing to pay a 6.67% control
premium.
Premium = 6.67% × $30 = $2
Cost to acquire per share = $30 + $2 = $32
Using a business valuation at $32 per share, a
discount is applied to determine noncontrolling
value:
Discount = 1 – (1 ÷ (1 + 0.067)) = 6.25%
Value per share = $32 × (1 – 0.0625) = $30
©Cambridge Business Publishing, 2010
8
Measuring Without an Active Market
Price
 Use business valuation methods, such as
 Capitalization of expected future earnings or
cash flows
 Estimated future returns are discounted using an
appropriate discount rate
 Capitalization of excess earnings
 Firm value is estimated as the fair value of tangible
net assets plus capitalized earnings in excess of
earnings attributable to the tangible assets
 Direct comparison approach
 Using the terms of a similar acquisition
 Such as a multiple of book value or billings
©Cambridge Business Publishing, 2010
9
Disclosure of Initial Valuation of
Noncontrolling Interest
 Must disclose in year of acquisition per
SFAS 141(R)
 Information to disclose
 Fair value of the noncontrolling interest in the
acquiree at acquisition date
 Valuation technique(s) and significant inputs
used to measure the fair value of the
noncontrolling interest
©Cambridge Business Publishing, 2010
10
Consolidation Eliminating Entries at
Acquisition Date
Goals of eliminating entries
 Eliminate the investment account
 Eliminate the subsidiary’s equity accounts
 Revalue the subsidiary’s assets and liabilities
to fair value at acquisition date
 Create the noncontrolling interest in equity to
be reported on the consolidated balance sheet
©Cambridge Business Publishing, 2010
11
12
Eliminating Entries
Entry E
 Allocates subsidiary’s book value (equity)
between the controlling interest (investment
account) and the noncontrolling interest in
proportion to ownership interests
Entry R
 Revalues subsidiary’s identifiable net assets
and allocates between controlling interest
(investment) and noncontrolling interest in
proportion to ownership interests
 Goodwill allocated based on each interest’s
share in the goodwill
 If noncontrolling interest valuation discount exists
 Goodwill allocation to noncontrolling interest equals a
percentage basis less than the ownership interest
©Cambridge Business Publishing, 2010
13
Acquisition Date Elimination Entries Example
Admiral Casino pays $42,600,000 cash for 80% of the stock of Gold
Road on January 1, 2010. Gold Road’s book value is $10 million,
consisting of $2.5 million of stock and $7.5 million of retained
earnings. Previously unrecorded customer lists are valued at $5
million. Goodwill is $36 million, allocated $30.6 million to controlling
interest and $5.4 million to noncontrolling interest.
To eliminate Gold Road's equity accounts and recognize the book
value of the noncontrolling interest:
(E) Capital stock
Retained earnings
Investment in Gold Road (80%)
Noncontrolling interest in Gold Road (20%)
80% × $10 million
©Cambridge Business Publishing, 2010
2,500,000
7,500,000
8,000,000
2,000,000
20% × $10 million
14
Acquisition Date Elimination Entries Example
Admiral Casino pays $42,600,000 cash for 80% of the stock of Gold
Road on January 1, 2010. Gold Road’s book value of its net assets
is $10 million with $2.5 million of stock and $7.5 million of retained
earnings. Previously unrecorded customer lists are valued at $5
million. Goodwill is $36 million, allocated $30.6 million to controlling
interest and $5.4 million to noncontrolling interest.
To revalue Gold Road's net assets to fair value and allocate the
revaluations to the controlling and noncontrolling interest:
(80% × $5,000,000) + $30,600,000 = $34,600,000
(20% × $5,000,000) + $5,400,000 = $6,400,000
(R) Customer lists
5,000,000
Goodwill
36,000,000
Investment in Gold Road
34,600,000
Noncontrolling interest in Gold Road
6,400,000
©Cambridge Business Publishing, 2010
15
Consolidation Working Paper
for Admiral and Gold Road – January 1, 2010
Exhibit 5.1
©Cambridge Business Publishing, 2010
16
Reporting Noncontrolling Interests
 Reported on the consolidated balance sheet
 Appears as a separate component of
consolidated equity
Stockholders' equity
Capital stock
Retained earnings
Total Admiral stockholders’ equity
Noncontrolling interest
$ 5,000,000
20,000,000
25,000,000
5,200,000
Noncontrolling Interest is reported as
a separate component of
consolidated equity
©Cambridge Business Publishing, 2010
Controlling
Interest
Noncontrolling Interests on the
Balance Sheet – January 1, 2010
©Cambridge Business Publishing, 2010
17
Consolidating Variable Interest
Entities
 Primary beneficiaries (PB) of VIEs fall
under consolidation procedures in
FIN46(R)
 Similar to SFAS 141(R) but feature two
valuation alternatives
 If PB and VIE are under common control,
assets and liabilities of the VIE are included
on consolidated balance sheet at book
value
Not considered acquired since already
part of the corporate family
©Cambridge Business Publishing, 2010
18
Consolidating Variable Interest
Entities
 If PB and VIE are not under common control,
assets and liabilities of the VIE and
noncontrolling interest consolidated at fair
value
 Goodwill valuation follows SFAS 141(R)
 Excess of acquisition cost and the fair value on
noncontrolling interests over the fair value of
identifiable net assets of the VIE
©Cambridge Business Publishing, 2010
19
Noncontrolling Interests in
Subsequent Years
 Two additional considerations
 The noncontrolling interest in consolidated
income
 Share of subsidiary’s reported net income adjusted
for the noncontrolling interest’s share of revaluation
write-offs
 Changes in equity value of the noncontrolling
interest over time
 Initial fair value adjusted for the noncontrolling
interest’s share of accumulated income and
dividends after acquisition
©Cambridge Business Publishing, 2010
20
21
Consolidation at End of First Year
Assume Gold Road reports net income of $5 million and pays cash
dividends of $600,000 in 2010. Impairment testing reveals that
goodwill is impaired by $500,000 during 2010. Admiral uses the
complete equity method to report its share of Gold Road’s net income.
Calculation of equity in net income and noncontrolling interest in
net income:
Total
Gold Road's reported income - 2010
Adjustment for revaluation write-offs:
Customer lists ($5,000,000 ÷ 4)
Goodwill (85:15 ratio)
Totals
Noncontrolling Interest
Equity in Net Income
in
Net Income
$ 5,000,000 $ 4,000,000
$ 1,000,000
(1,250,000) (1,000,000)
(500,000)
(425,000)
$ 3,250,000 $ 2,575,000
(250,000)
(75,000)
$ 675,000
Write-offs of revaluations of identifiable net assets
attributed to ownership interests, in this case, 80:20.
Goodwill controlling interest = $30.6 million
Goodwill noncontrolling interests = $5.4 million
©Cambridge Business Publishing, 2010
$30.6 ÷ $36 = 85%
$5.4 ÷ $36 = 15%
Write-Offs of Subsidiary’s Asset and
Liability Revaluations
 No specific authoritative guidance on how
to attribute write-offs
 Text assumes revaluation write-offs shared
in same proportions used to attribute the
original revaluations
©Cambridge Business Publishing, 2010
22
23
Write-Offs of Revaluations Example
Assume Gold Road reports net income of $5 million and pays cash
dividends of $600,000 in 2010. Impairment testing reveals that goodwill
is impaired by $500,000 during 2010. Admiral uses the complete equity
method to report its share of Gold Road’s net income.
To record equity in net income for 2010:
Investment in Gold Road
Equity in income of Gold Road
2,575,000
2,575,000
To record dividends received in 2010:
$480,000 = 80% x $600,000
Cash
Investment in Gold Road
©Cambridge Business Publishing, 2010
480,000
480,000
Investment in Gold Road
42,600,000
2,575,000
480,000
44,695,000
24
Elimination Entries Required
Eliminate current year’s equity method entries
Eliminate subsidiary’s beginning-of-year
stockholders’ equity account balances
Revalue the subsidiary’s assets and liabilities
as of the beginning of the year
Recognize current year write-offs of the
subsidiary’s asset and liability revaluations
Recognize the noncontrolling interest in net income
©Cambridge Business Publishing, 2010
Eliminating Entries C and E for
Admiral and Gold Road - 2010
25
To eliminate equity in net income on the parent's books, the
parent's share of the subsidiary's dividends, and restore the
investment account to its beginning-of-year value:
(C) Equity in income of Gold Road
Dividends
Investment in Gold Road
2,575,000
480,000
2,095,000
To eliminate the subsidiary's beginning-of-year equity
accounts against the investment account and recognize the
beginning-of-year book value of the noncontrolling interest:
(E) Capital stock
Retained earnings, January 1
Investment in Gold Road
Noncontrolling interest in Gold Road
©Cambridge Business Publishing, 2010
2,500,000
7,500,000
8,000,000
2,000,000
Eliminating Entry R for Admiral and
Gold Road - 2010
To revalue Gold Road's net assets to fair value and allocate
the revaluations to the controlling and noncontrolling interest:
80% × $5,000,000 + $30,600,000 = $34,600,000
20% × $5,000,000 + $5,400,000 = $6,400,000
(R) Customer lists
5,000,000
Goodwill
36,000,000
Investment in Gold Road
34,600,000
Noncontrolling interest in Gold Road
6,400,000
©Cambridge Business Publishing, 2010
26
Eliminating Entries O and N for
Admiral and Gold Road - 2010
To write off the revaluations for the current year:
(O) Goodwill impairment loss
Other operating expenses
Goodwill
Customer lists
500,000
1,250,000
500,000
1,250,000
To recognize the noncontrolling interest in the subsidiary's income
and dividends for the current year:
Dividends = 20% × $600,000 = $120,000
(N) Noncontrolling interest in net income
Dividends
Noncontrolling interest in Gold Road
©Cambridge Business Publishing, 2010
675,000
120,000
555,000
27
Consolidated Working Paper for Admiral
and Gold Road, December 31, 2010
Exhibit 5.2
©Cambridge Business Publishing, 2010
28
Noncontrolling Interests in the
Consolidated Income Statement
29
 Face of consolidated income statement
 Consolidated net income in total
 Portions of net income attributable to controlling
and noncontrolling interests
 EPS only for controlling interest
 Either face of income statement or notes
 Amounts attributable to controlling interest
 Income from continuing operations
 Discontinued operations
 Extraordinary items
©Cambridge Business Publishing, 2010
Admiral Consolidated Statement of
Income and Retained Earnings - 2010
©Cambridge Business Publishing, 2010
30
Admiral Consolidated Balance Sheet
December 31, 2010
©Cambridge Business Publishing, 2010
31
32
Consolidation at End of Year 2
Gold Road reports net income of $6 million and pays cash
dividends of $500,000 in 2011. Goodwill is impaired by $200,000
in 2011.
Calculation of equity in net income and noncontrolling interest in
net income:
Total
Gold Road's reported income for 2011
Adjustment for revaluation write-offs:
Customer lists ($5,000,000 ÷ 4)
Goodwill (85:15 ratio)
Totals
Noncontrolling
Equity in Net
Interest in Net
Income
Income
$ 6,000,000. $4,800,000. $1,200,000.
(1,250,000) (1,000,000)
(250,000)
(200,000)
(170,000)
(30,000)
$ 4,550,000. $3,630,000. $ 920,000.
Revaluations of identifiable net assets attributed
to ownership interests, 80:20.
Goodwill controlling interest = $30.6 million
Goodwill noncontrolling interests = $5.4 million
©Cambridge Business Publishing, 2010
$30.6 ÷ $36 = 85%
$5.4 ÷ $36 = 15%
33
Consolidation at End of Year 2 Entries
Gold Road reports net income of $6 million and pays cash
dividends of $500,000 in 2011. Goodwill is impaired by $200,000
in 2011.
To record equity in net income for 2011:
Investment in Gold Road
Equity in income of Gold Road
3,630,000
3,630,000
To record dividends received in 2011:
$400,000 = 80% × $500,000
Cash
Investment in Gold Road
400,000
Investment in Gold Road
44,695,000
3,630,000
400,000
47,925,000
©Cambridge Business Publishing, 2010
400,000
Eliminating Entries C and E for
Admiral and Gold Road - 2011
34
To eliminate equity in net income on the parent's books, the
parent's share of the subsidiary's dividends, and restore the
investment account to its beginning-of-year value:
(C) Equity in income of Gold Road
Dividends
Investment in Gold Road
3,630,000
400,000
3,230,000
To eliminate the subsidiary's beginning-of-year equity
accounts against the investment account and recognize the
beginning-of-year book value of the noncontrolling interest:
(E) Capital stock
Retained earnings, January 1
Investment in Gold Road
Noncontrolling interest in Gold Road
©Cambridge Business Publishing, 2010
2,500,000
11,900,000
11,520,000
2,880,000
Eliminating Entry R for Admiral and
Gold Road - 2011
To revalue Gold Road's net assets to fair value and allocate
the revaluations to the controlling and noncontrolling interest:
[80% × $3,750,000] + [85% × $35,500,000] = $33,175,000
[20% × $3,750,000] + [15% × $35,500,000] = $6,075,000
(R) Customer lists
3,750,000
Goodwill
35,500,000
Investment in Gold Road
Noncontrolling interest in Gold Road
©Cambridge Business Publishing, 2010
33,175,000
6,075,000
35
Eliminating Entries O and N for
Admiral and Gold Road - 2011
To write off the revaluations for the current year:
(O) Goodwill impairment loss
Other operating expenses
Goodwill
Customer lists
200,000
1,250,000
200,000
1,250,000
To recognize the noncontrolling interest in the subsidiary's income
and dividends for the current year:
Dividends = 20% × $500,000 = $100,000
(N) Noncontrolling interest in net income
Dividends
Noncontrolling interest in Gold Road
©Cambridge Business Publishing, 2010
920,000
100,000
820,000
36
Consolidation Working Paper for Admiral
and Gold Road at December 31, 2011
Exhibit 5.3
©Cambridge Business Publishing, 2010
37
Admiral Consolidated Statement of
Income and Retained Earnings - 2011
©Cambridge Business Publishing, 2010
38
Admiral Consolidated Balance Sheet
December 31, 2011
©Cambridge Business Publishing, 2010
39
Noncontrolling Interest on the
Balance Sheet
©Cambridge Business Publishing, 2010
40
Noncontrolling Interest on the
Income Statement
©Cambridge Business Publishing, 2010
41
42
Bargain Gain
 Occurs when an acquirer’s acquisition cost
is less than fair value of the identifiable net
assets
 Calculation of bargain gain on acquisition
Firm Value
Fair value of identifiable net assets
Less acquisition cost
Less fair value of noncontrolling interest
Gain on acquisition
SFAS 141(R) requires the bargain gain be
attributed entirely to the controlling interest.
©Cambridge Business Publishing, 2010
Consolidation at Date of Acquisition
When a Bargain Gain Exists
Admiral Casino pays $11 million for 80% of the stock of Gold
Road on January 1, 2010. Gold Road’s book value equals $10
million, consisting of $2.5 million of stock and $7.5 million of
retained earnings. The book value of net assets equals fair
value except for previously unrecorded customer lists valued at
$5 million with a 4-year life. The estimate of the fair value of the
20% noncontrolling interest is $2,500,000.
Book value
Revaluation of identifiable net assets:
Customer lists
Fair value of identifiable net assets
Less acquisition cost
Less fair value of noncontrolling interest
Gain on acquisition
©Cambridge Business Publishing, 2010
$10,000,000
5,000,000
15,000,000
(11,000,000)
(2,500,000)
$ 1,500,000
43
Consolidation at Date of Acquisition
When a Bargain Gain Exists
continued
Admiral Casino pays $11 million for 80% of the stock of Gold
Road on January 1, 2010. Gold Road’s calculated gain on
acquisition is $1,500,000. (slide 47)
Admiral Casino’s (acquirer) books:
To record 80 percent acquisition of Gold Road:
Investment in Gold Road
Cash
Gain on acquisition of Gold Road
12,500,000
11,000,000
1,500,000
Because a bargain price was paid………..
The investment account and noncontrolling interest do not reflect
the ownership shares of the revaluation of identifiable net assets.
©Cambridge Business Publishing, 2010
44
Eliminating Entries E and R for
Bargain Gain - 2010
To eliminate the subsidiary's beginning-of-year equity accounts
against the investment account and recognize the beginning-ofyear book value of the noncontrolling interest:
(E) Capital stock
2,500,000
Retained earnings, January 1
7,500,000
Investment in Gold Road
8,000,000
Noncontrolling interest in Gold Road
2,000,000
To revalue Gold Road's net assets to fair value and allocate the
revaluations to the controlling and noncontrolling interest:
$12,500,000 – $8,000,000 = $4,500,000
$2,500,000 – $2,000,000 = $500,000
(R) Customer lists
Investment in Gold Road
Noncontrolling interest in Gold Road
©Cambridge Business Publishing, 2010
5,000,000
4,500,000
500,000
45
Bargain Purchase Consolidation at
End of First Year
 Gain is not shared with noncontrolling interest
 Revaluations of acquired assets and liabilities are not
fully shared
 Must track the value at the end of the previous year,
and use entry R to set the beginning-of-year value
Noncontrolling
Equity in Net
Interest in Net
Income
Income
Total
Gold Road's income for 2010
$5,000,000
Adjustment for revaluation write-offs:
Customer lists ($5,000,000 ÷ 4)
(1,250,000)
Totals
$ 3,750,000.
©Cambridge Business Publishing, 2010
$4,000,000.
$1,000,000.
(1,000,000)
$3,000,000.
(250,000)
$ 750,000.
Investment in Gold Road
12,500,000
3,000,000
480,000
15,020,000
46
Eliminating Entries C and E When a
Bargain Gain Exists - 2010
47
To eliminate equity in net income on the parent's books, the
parent's share of the subsidiary's dividends, and restore the
investment account to its beginning-of-year value:
(C) Equity in income of Gold Road
Dividends
Investment in Gold Road
3,000,000
480,000
2,520,000
To eliminate the subsidiary's beginning-of-year equity
accounts against the investment account and recognize the
beginning-of-year book value of the noncontrolling interest:
(E) Capital stock
Retained earnings, January 1
Investment in Gold Road
Noncontrolling interest in Gold Road
©Cambridge Business Publishing, 2010
2,500,000
7,500,000
8,000,000
2,000,000
Eliminating Entry R When a Bargain
Gain Exists - 2010
To revalue Gold Road's net assets to fair value and allocate
the revaluations to the controlling and noncontrolling interest:
$12,500,000 – $8,000,000 = $4,500,000
$2,500,000 – $2,000,000 = $500,000
(R) Customer lists
5,000,000
Investment in Gold Road
4,500,000
Noncontrolling interest in Gold Road
500,000
©Cambridge Business Publishing, 2010
48
Eliminating Entries O and N When a
Bargain Gain Exists - 2010
To write off the revaluations for the current year:
(O) Operating expenses
Customer lists
1,250,000
1,250,000
To recognize the noncontrolling interest in the subsidiary's income
and dividends for the current year:
Dividends = 20% × $600,000 = $120,000
(N) Noncontrolling interest in net income
Dividends
Noncontrolling interest in Gold Road
©Cambridge Business Publishing, 2010
750,000
120,000
630,000
49
Consolidation Working Paper When
a Bargain Gain Exists - 2010
Exhibit 5.4
©Cambridge Business Publishing, 2010
50
Bargain Purchase Consolidation at
End of Second Year - 2011
Gold Road reports net income totaling $6 million and
pays cash dividends of $500,000 in 2011.
Calculation of equity in net income and
noncontrolling interest in net income for 2011:
Noncontrolling
Equity in Net
Interest in Net
Income
Income
Total
Gold Road's income for 2011
$6,000,000
Adjustment for revaluation write-offs:
Customer lists ($5,000,000 ÷ 4)
(1,250,000)
Totals
$ 4,750,000.
©Cambridge Business Publishing, 2010
$4,800,000.
$1,200,000.
(1,000,000)
$3,800,000.
(250,000)
$ 950,000.
Investment in Gold Road
15,020,000
3,800,000
400,000
18,420,000
51
Eliminating Entries C and E When a
Bargain Gain Exists - 2011
52
To eliminate equity in net income on the parent's books, the
parent's share of the subsidiary's dividends, and restore the
investment account to its beginning-of-year value:
(C) Equity in income of Gold Road
Dividends
Investment in Gold Road
3,800,000
400,000
3,400,000
To eliminate the subsidiary's beginning-of-year equity
accounts against the investment account and recognize the
beginning-of-year book value of the noncontrolling interest:
(E) Capital stock
Retained earnings, January 1
Investment in Gold Road
Noncontrolling interest in Gold Road
©Cambridge Business Publishing, 2010
2,500,000
11,900,000
11,520,000
2,880,000
Eliminating Entry R When a Bargain
Gain Exists - 2011
To revalue Gold Road's net assets to fair value, eliminate the
remaining investment balance, and bring the noncontrolling
interest balance to its beginning-of-year value of $3,130,000:
(R) Customer lists
3,750,000
Investment in Gold Road
3,500,000
Noncontrolling interest in Gold Road
250,000
©Cambridge Business Publishing, 2010
53
Eliminating Entries O and N When a
Bargain Gain Exists - 2011
To write off the revaluations for the current year:
(O) Operating expenses
Customer lists
1,250,000
1,250,000
To recognize the noncontrolling interest in the subsidiary's income
and dividends for the current year:
Dividends = 20% × $500,000 = $100,000
(N) Noncontrolling interest in net income
Dividends
Noncontrolling interest in Gold Road
©Cambridge Business Publishing, 2010
950,000
100,000
850,000
54
Consolidation Working Paper When
a Bargain Gain Exists - 2011
Exhibit 5.5
©Cambridge Business Publishing, 2010
55