Solution-Prepare a schedule of consolidated net income

Prepare a schedule of consolidated net income

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Reference no: EM13333529

McLaughlin, Inc. acquires 70 percent of Ellis Corporation on September 1, 2010, and an additional 10 percent on November 1, 2011. Annual amortization of $8,400 attributed to the controlling interest relates to the first acquisition. Ellis reports the following figures for 2011:

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Without regard for this investment, McLaughlin earns $480,000 in net income ($840,000 revenues less $360,000 expenses; incurred evenly through the year) during 2011.

Required: Prepare a schedule of consolidated net income and apportionment to non-controlling and controlling interests for 2011.

Reference no: EM13333529

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Prepare a schedule of consolidated net income

Reference no: EM13333529

Reference no: EM13333529

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