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Prepare a proper presentation of consolidated net income

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Question - On January 1, 2015, London Tiger Inc. acquired 90% of Fanshawe Co. by paying $32,000 cash. There is no active trading market for Fanshawe stock. Fanshawe Co. reported a Common Stock account balance of $140,000 and Retained Earnings of $260,000 at that date. The fair value of Fanshawe Co. was appraised at $530,000. The total annual amortization was $11,000 because of this transaction. The subsidiary earned $93,000 in 2015 and $126,000 in 2016 with dividend payments of $42,000 each yea r. Without regard for this investment, London Tiger had an income of $303,000 in 2015 and $364,000 in 2016.

Required -

1. Prepare a proper presentation of consolidated net income for 2015.

2. Prepare a proper presentation of consolidated net income for 2016.

3. What is the non-controlling interest balance as of December 31, 2016?

Reference no: EM133141695

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