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Question - On 1/1/22 Big Co acquired 60% of Little Co voting stock for $300,000. The fair value of the NC Interest was $200,000 on that date. Little's book value was $500,000, and all assets and liabilities had fair values equal to book value.
During 2022, Little reported earnings of $70,000 and paid dividends of $20,000.
-What was Big's "investment income" ("Income from Little") for 2022?
-What was the "income to the NC Interest" ("NCI in Net Income") for 2022?
-After recording the equity method entries for the year, what was the end of year balance in the "Investment in Little" reported on Big's ledger?
-What was value of the NC Interest ("NCI in NA of Little") reported on the 12/31/22 Consolidated Balance Sheet?
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