Reference no: EM132749645
Question: On January 1, 2013, Aca Company acquired a 90% interest in Bur Company.
During 2016, Bur Company sold merchandise to Aca Company at 25% above cost in the amount (selling price) of $200,000. At the end of the year, Aca Company had in its inventory 1/3 of the amount of goods purchased from Bur Company.
On January 1, 2014, Aca Company sold equipment that had a book value of $80,000 to Bur Company for $126,000. The equipment had an estimated remaining life of 4 years.
Bur Company reported net income of $120,500, and Aca Company reported net income of $300,000 from their independent operations (including sales to affiliates) for the year ended December 31, 2014.
Calculate controlling interest in consolidated net income for the year ended December 31, 2014.
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