When There Is a Consolidation with a Noncontrolling Interest, the Following

Essay

When there is a consolidation with a noncontrolling interest, the following is true with respect to what can happen with less than a 100% ownership interest consolidation EXCEPT FOR:
Subsidiary accounts are adjusted to partial fair value based on the controlling interest percentage.
The entire amount of every subsidiary nominal account is merged with the nominal accounts of the parent to calculate consolidated income.
The parent's investment account is eliminated against only its ownership percentage of the underlying subsidiary equity accounts.
All of the above are true