On January 1, 2010, Glenville Co. acquired an 80% interest in Acron Corp. for $500,000. There is no

On January 1, 2010, Glenville Co. acquired an 80% interest in Acron Corp. for $500,000. There is no active trading market for Acron’s stock. The fair value of Acron’s net assets was $600,000 and Glenville accounts for its interest using the acquisition method.16. Determine the amount of goodwill to be recognized in this acquisition. 17. Determine the value assigned to the noncontrolling interest as of the date of the acquisition. 16 Balance Sheet of Glenville Co on Jan 1st 2010Glenville Co.Purchase price of Acron CorpFair Market Value of 80% stockGoodwill 50000048000020000 Amount of Goodwill 20000 Non Controlling…