On january 1 2008 parent company acquired 90 percent

Reference no: EM13589254

On January 1, 2008, Parent Company acquired 90 percent ownership of Subsidiary Corporation, at underlying book value. The fair value of the noncontrolling interest at the date of acquisition was equal to 105 of the book value of the Subsidiary Corporation. On March 17, 2008, Subsidiary purchased inventory from Parent for $90,000. Subsidiary sold the inventory to an unaffiliated company for $120,000 on November 21, 2008. Parent had produced the inventory sold to Subsidiary for $62,000. The companies had no other transactions during 2008. What amount of consolidated net income will be assigned to the controlling shareholders for 2008?

Reference no: EM13589254

Questions Cloud

A 51kg woman runs up a flight of stairs in 50s her net : question a 51kg woman runs up a flight of stairs in 5.0s. her net upward displacement is 5.0m. approximately what

Prepare the journal entry to record income taxes in 2014 : fores construction company reported a pretax operating loss of 260 million for financial reporting purposes in 2013.

Variable costs are 80 per unit and fixed costs are 40000 : variable costs are 80 per unit and fixed costs are 40000. sales are estimated to be 4000 units. a. how much would

What is the magnitude of an electric field that balances : question what is the magnitude of an electric field that balances the weight of a plastic sphere of mass 6.2 g that has

On january 1 2008 parent company acquired 90 percent : on january 1 2008 parent company acquired 90 percent ownership of subsidiary corporation at underlying book value. the

What is the estimated cost of goods sold and gross margin : morganton company makes one product and it provided the following information to help prepare the master budget for its

Ignoring income taxes if vc 80000 fc 60000 and break : ignoring income taxes if vc 80000 fc 60000 and break even sales revenue 80000 how do you calculate sales revenue

Margaret avery company from time to time embarks on a : margaret avery company from time to time embarks on a research program when a special project seems to offer

User Account

All Pages