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Answered: - 1. P company acquired a 60% interest in S company on January 1,


1. P company acquired a 60% interest in S company on January 1, 2011 for $270,000 cash when S company had common stock of $90,000 and retained earnings of $210,000. All excess was attributable to plant assets with a 10 year life. Additional depreciation expense in 2011 was:


2. P company acquired a 60% interest in S Company on January 1, 2011 for $270,000 cash when S company had common stock of $150,000 and retained earnings of $150,000. The excess of the implied value over the fair value of identifiable net assets was partially to plant assets with a 10 year life. Excess depreciation expense in 2011 was $40,0000 on the plant assets. S company made $20,000 in 2011 and paid no dividends. P Company's separate income before consolidation in 2011 was $375,000. Controlling interest in consolidated net income for 2011 is:?

 


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Oct 07, 2020

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