Reference no: EM132873750
Question - PAR Inc. purchased 70% of SUBS Inc. on January 1, 2020 for $2,100,000. SUBS's common shares and retained earnings were worth $850,000 each on that date. SUBS uses the cost method internally to account for the investment.
The acquisition differential was allocated as follows:
Trademark $38,000 (which had not been previously recorded)
Inventory $10,000 (fair value in excess of book value)
The balance was allocated to goodwill. The trademark had an estimated remaining useful life of 12 years from the date of acquisition.
In 2020, PAR's net income was $300,000 and SUBS's net income was $72,000.
During 2020, SUBS declared and paid $20,000 in dividends to shareholders on record.
Required -
a) Calculate PAR's consolidated income for 2020.
b) Calculate income attributable to PAR for 2020.
c) Calculate income attributable to non-controlling interest for 2020.
d) Calculate non-controlling interest as reflected in equity at December 31, 2020.
|
What would be the amount of the taxable capital gain
: What would be the amount of the taxable capital gain or income Mrs. Holmes would report in 2020
|
|
Reasons for continued popularity of structured interviews
: Discuss reasons for continued popularity of structured interviews in the selection, despite its shortcomings.
|
|
Calculate the annual holding cost plus
: Caluculate the anual holding cost plus the annual ordering cost to get the total annual cost when using an order quantitly of 200 boxes.
|
|
Describe environmental influences organization faces
: 1. Describe three (3) of the environmental influences an organization faces.
|
|
Calculate income attributable to non-controlling interest
: In 2020, PAR's net income was $300,000 and SUBS's net income was $72,000. Calculate income attributable to non-controlling interest for 2020
|
|
What would be available appropriations for public education
: What would be the available appropriations for public education on July 14, 2022, assuming the mask order that was issued, received
|
|
Make the journal entry to record income taxes
: For tax purposes, the deduction is 40%, 30%, 20%, and 10% in those years. Please help me with the journal entry to record income taxes
|
|
Material requirements planning system
: What will be impact of these systems on the material requirements planning (MRP) system currently in use?
|
|
Different types of business outcomes
: "What engagement tools and techniques would you use with different types of business outcomes?"
|