Find controlling interest share of consolidated net income

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Reference no: EM132045805

Question: Poe Corporation owns an 80% interest in Seri Company acquired at book value several years ago. On January 2, 2011, Seri purchased $100,000 par of Poe's outstanding 10% bonds for $103,000. The bonds were issued at par and mature on January 1, 2014. Straight-line amortization is used. Separate incomes of Poe and Seri for 2011 are $350,000 and $120,000, respectively. Poe uses the equity method to account for the investment in Seri. Answer the following questions concerning the information above:

1. What is the controlling interest share of consolidated net income for 2011?

2. What is the noncontrolling interest share for 2011?

Reference no: EM132045805

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