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Question - Pay Corporation purchased 60% of Ignacio Company's ownership on January 1, 2020, and paid 198 000. At that date, Ignacio Company reported the book value of its net assets as 280 000. The purchase difference is located to a depreciable asset with a remaining useful life 5 years. The companies reported the following data for 2021.
Pay Corporation uses cost method in accounting for investment in Ignacio Company. The following entry was included in the eliminating entries used to prepare the consolidated financial statement at December 31, 2021:
E (3) Retained Earnings, 1/1- Ignacio Company 28 000
Non-Controlling Interest 28 000
1. What is the amount of retained earnings did S Company report on January 1, 2020?
a. 170 000
b. 165 000
c. 150 000
d. 160 000
2. What amount should be reported as consolidated net income for 2021?
a. 129 000
b. 135 000
c. 140 000
d. 138 000
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