Mickelson Company acquired an 80% interest in Footjoy on January 1, Year 1, for $1,200,000. The book value of Footjoy's identifiable net assets at that date was $900,000. One depreciable asset (10-year life) had a fair value that exceeded its book value by $100,000. Footjoy reported $60,000 of net income in Year 1 and paid $40,000 in dividends. What was the noncontrolling interest in NET ASSETS as of the date of DDEC 31, Year 1?

Suppose that, during a party, one of your guests drove their car into the corner of your garage while turning around. Where would you look for damage payment to fix your garage?

A) Their homeowner's insurance B) Your homeowner's insurance C) Your guest's PAP liability coverage D) Your guest's PAP comprehensive insurance E) Your guest's PAP collision insurance

Temporary differences between the book and tax treatment of transactions create deferred tax assets or deferred tax liabilities.

Indicate whether the statement is true or false.