User Account

All Pages

What is the non-controlling interest''s net income

Assignment Help Accounting Basics
Reference no: EM131794839

Parent Corporation acquired 75% of Subsidiary Corporation's voting stock on January 1, 2004, for $348,000, when the fair value of the noncontrolling interest was $116,000. Subsidiary reported common stock outstanding of $150,000 and retained earnings of $270,000. The excess of fair value over book value of Subsidiary's net assets was attributed to amortizable assets with a remaining life of 10 years. On December 31, 2004, Subsidiary sold a building to Parent and recorded a gain of $20,000.

The net income of the subsidiary for 2004 is $94,400 and the parent had net operating income of $234,000.

Required: Calculate the following amounts and write the answer on the line provided.

A. What is the amount of amortization from the acquisition on January 1, 2004?

B. What is the Non-controlling Interest's net income?

C. What is the Controlling Interest Net Income?

D. What is the Consolidated Net Income?

Reference no: EM131794839

Questions Cloud

Write a recursive function to implement selection sort : The recursive simple-selection-sort function in Exercise .Write a recursive function to implement simple selection sort.
What was the amount of the depreciation expense : the company had costs of 52,300 dividends of 1,000 and interest paid of 900 the tax rate was 34%. What was the amount of the depreciation expense
Prepare the june income statement for chi-lite : The following event took place for Chi-Lite Inc. Prepare the June income statement for Chi-Lite. Assume that Chi-Lite uses the perpetual inventory method.
Write a program that reads records containing an employee : Write a program that reads records containing an employee number and an hourly rate for several employees and stores these in a heap.
What is the non-controlling interest''s net income : What is the Non-controlling Interest's net income, What is the Consolidated Net Income
Write a driver program to test the heap class template : Design a class template for the Heap ADT, using the implementation described in this section.Write a driver program to test the Heap class template of Exercise
How large must the annual payments : They expect their investment account to earn 9%. How large must the annual payments at t = 5, 6, and 7 be to cover Ellen's anticipated college costs
Write a program that compares the execution times : Write a program that compares the execution times of various O(n2) sorting algorithms described in this section for randomly generated lists of integers.
Write a program that reads the records in used file : Write a program that reads the records in Used File (described at the end of Chapter 4) and stores them in an array or vector.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Bargain rental car offers rental cars in an off-airport

bargain rental car offers rental cars in an off-airport location near a major tourist destination in california.

  How are encumbrances outstanding at year end treated

how are encumbrances outstanding at year end treated if they will be honored in the upcoming year

  What is opinion concerning upstream and downstream sales

What is the purpose of a deposition at the trial phase of a company financial statement?

  In 2009 mr smith purchased a principal residence for

in 2009 mr. smith purchased a principal residence for 1500000. he made a down payment of 300000 and financed the

  Explain the financial statement presentation of payables

Explain the financial statement presentation of payables. Your explanation should differentiate between accounts payable, notes payable, and accrued expenses

  Are the revenues of news corporation diversified

Are the revenues of News Corporation diversified or concentrated within a product segment?Explain.

  Fill the entries of the sales transacation jurnal

Fill the entries of the following transacation jurnal- SALES JOURNAL, PURCHASES JOURNAL, CASH RECEIPTS JOURNAL, CASH PAYMENTS JOURNAL and GENERAL JOURNAL.

  A merger increases the number of voting shares of the

a merger increases the number of voting shares of the surviving corporation by 23 percent. which of the required in

  Sources of gaap

Identify and describe the sources of generally accepted accounting principles. Identify source hierarchy and explain why the hierarchy is important.

  Pros and cons of lending to my next door neighbor

What are the pros and cons of lending to my next door neighbor rather than putting my surplus funds in a bank?

  Fisk manufacturing purchases a large lot on which and old

fisk manufacturing purchases a large lot on which and old building is located as a part of its plans to build a new

  What is the products contribution margin

What is the margin of safety in dollars and units for Crestline Pipe, What is the product's contribution margin

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd