Dil Corporation acquired 30 percent of the voting stock of Lar Company at book value on July

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Dil Corporation acquired 30 percent of the voting stock of Lar Company at book value on July 1, 2011. During 2013, Lar paid dividends of $80,000 and reported income of $250,000 as follows:
Income before extraordinary item ................................................... $150,000
Extraordinary gain (tax credit from operating loss carryforward) ................ 100,000
Net income .............................................................................. $250,000
REQUIRED
Show how Dil's income from Lar should be reported for 2013 by means of a partial income statement for Dil Corporation.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Advanced Accounting

ISBN: 978-0133451863

12th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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