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Question - On April 1, 2019, Williams Corp purchased 30% of the outstanding common shares of Venus Inc. for $400,000. Venus's shareholders' equity on April 1, 2019 consisted of common shares, $300,000 and retained earnings, $450,000. The book values of Venus's assets and liabilities were equal to their fair values except for the following: Inventory: fair value exceeded book value by $26,000 Land: fair value exceeded book value by $160,000. Both companies have a March 31 yearend, a 25% tax rate, and inventory turnover ratios of greater than 6. During 2019, Venus had net income of $600,000, earned evenly over the year. It also paid a dividend of $140,000 on February 16, 2019. At the end of the year, Williams determined that its goodwill in the Investment in Venus was impaired by $25,000. What is the amount of investment income that Williams Corp will report for its investment in Venus for the year ended March 31, 2020?
Required - Find the Red and White's net income under variable costing if 1,150 units are sold and operating expenses are $16,300
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