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Question - On January 1, 2015, London Tiger Inc. acquired 90% of Fanshawe Co. by paying $477,000 cash. There is no active trading market for Fanshawe stock. Fanshawe Co. reported a Common Stock account balance of $140,000 and Retained Earnings of $280,000 at that date. The fair value of Fanshawe Co. was appraised at $530,000. The total annual amortization was $11,000 because of this transaction. The subsidiary earned $98,000 in 2015 and $126,000 in 2016 with dividend payments of $42,000 each year. Without regard for this investment, London Tiger had an income of $308,000 in 2015 and $364,000 in 2016. Use the economic unit concept to account for this acquisition.
Required -
1. Need a proper presentation of consolidated net income for 2015.
2. Need a proper presentation of consolidated net income for 2016.
3. What is the non-controlling interest balance as of December 31, 2016?
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