On January 1, 2024, Prawn Company acquires 75% of the common…

Questions

On Jаnuаry 1, 2024, Prаwn Cоmpany acquires 75% оf the cоmmon stock of Shrimp Co. for $210,000. The fair value of the noncontrolling interest at that time is determined to be $70,000. Shrimp reports net assets with a book value of $280,000 and fair value of $280,000. Prawn Company reports net assets with a book value of $700,000 and a fair value of $750,000 at that time, excluding its investment in Shrimp. What will be the amount of consolidated net assets that would be reported immediately after the combination?