Reference no: EM132682762
Question - Depeche Co. paid $2,400,000 to acquire all of the common stock of Mode Corp. on January 1, 2017. Mode's reported earnings for 2017 totaled $432,000, and it paid $120,000 in dividends during the year. The amortization of allocations related to the investment was $24,000. Depeche's net income, not including the investment, was $3,180,000, and it paid dividends of $900,000.
1. On the consolidated financial statements for 2017, what amount should have been shown for Equity in Subsidiary Earnings?
A. $432,000.
B. $-0-
C. $408,000.
D. $120,000.
2. On the consolidated financial statements for 2017, what amount should have been shown for consolidated dividends?
A. $900,000.
B. $1,020,000.
C. $876,000.
D. $996,000.
3. What is the amount of consolidated net income for the year 2017?
A. $3,180,000.
B. $3,612,000.
C. $3,300,000.
D. $3,588,000.
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