Stick Company reports net assets with a book value and fair value of $204,000. Paste Corporation acquires 75 percent ownership for $153,000. Paste reports net assets with a book value of $529,000 and a fair value of $635,000 at that time, excluding its investment in Stick. 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.

a. i) Consolidated Net Identifiable Assets Under Book value method=$529,000+$153000=$682,000

ii) Consolidated Net Identifiable Assets Under fair value method=$635,000+$153000=$788,000

b. Noncontrolling interest=$51000(204000-153000)

Explanation:

Consolidated Net identifiable assets are recorded in balance sheet in Non-Current Assets whereas Noncontrolling interest ins recorded on liability side.

d, conspicuous consumption is when you try to increase your wealth or social status (and in the case he's trying to create the perception of wealth considering he can't really afford it)

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