Determine the non controlling in subsidiary income

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Reference no: EM131959253

On January 1, Beckman, Inc., acquires 60 percent of the outstanding stock of Calvin for $45,948. Calvin Co. has one recorded asset, a specialized production machine with a book value of $14,900 and no liabilities.

The fair value of the machine is $65,900, and the remaining useful life is estimated to be 10 years. Any remaining excess fair value is attributable to an unrecorded process trade secret with an estimated future life of 4 years. Calvin's total acquisition date fair value is $76,580.

At the end of the year, Calvin reports the following in its financial statements: Revenues $ 64,800 Machine $ 13, 410 Common stock $ 10,000 Expenses 33,900 Other assets 22,490 Retained earnings 25,900 Net income $ 30,900 Total assets $ 35,900 Total equity $ 35,900 Dividends paid $ 5,000

(a) non controlling in subsidiary income

(b) total non controlling interest

Reference no: EM131959253

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