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What will be reported as consolidate net income attributable

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Reference no: EM132858999

Praline Company owns 80% of Sucker. com . Praline uses the equity method to account for this investment. On the date of acquisition (a couple of years ago), Sucker.com had an unrecorded patent worth $70,000 that had a 10 year estimated life. (Hint- this results in amortization in the consolidating entries.)

  • Praline sold inventory to Sucker.com in 2020 . The deferred profit on the sale was $40,000. Sucker.com sold the inventory to an unrelated party in 2021. There are no intercompany sales in 2021.
  • Praline has $500,000 of separate company net income for 2021. This does not include any equity income from Sucker.com.
  • Sucker.com has $300,000 of separate company net income for 2021.

Question 1. What is consolidated net income for 2021?

Question 2. What will be reported as consolidated net income attributable to the noncontrolling interest for 2021?

Question 3. What will be reported as consolidated net income attributable to Praline for 2021?

Reference no: EM132858999

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