Calculate the net income reported by winston for each

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Reference no: EM13127627

Winston Corporation purchased 40 percent of the stock of Fullbright Company on January 1, 20X2, at underlying book value. The companies reported the following operating results and divi- dend payments during the first three years of intercorporate ownership:
Year

20X2 20X3 20X4

Required
Operating Income
$100,000 60,000 250,000
Dividends
$ 40,000 80,000 120,000
Net Income
$70,000 40,000 25,000
Dividends
$30,000 60,000 50,000
Winston Corporation
Fullbright Company

Calculate the net income reported by Winston for each of the three years, assuming it accounts for its investment in Fullbright using (a) the cost method and (b) the equity method

Reference no: EM13127627

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