Solution-What is the amount of consolidated net income

What is the amount of consolidated net income reported

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Reference no: EM132765773

Question - On October 1, Year 5, Plant Company acquired 100% of the common stock of Seed Company.

Assume that for the periods January 1, Year 5, through September 30, Year 5, and October 1 through December 31, Year 5, Plant and Seed companies reported the following net incomes:

	Plant	Seed	Totals
January 1 - September 30	$50,000	$25,000	$75,000
October 1 - December 31	$20,000	$10,000	$30,000
Totals	$70,000	$35,000	$105,000

Plant and Seed did not engage in intercompany transactions during the year.

Required -

A. What is the amount of Consolidated Net Income reported immediately after the acquisition of Seed?

B. What is the amount of Consolidated Net Income reported for the fiscal year ending December 31, Year 5?

Reference no: EM132765773

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What is the amount of consolidated net income reported

Reference no: EM132765773

Reference no: EM132765773

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