Question

Grasper Corporation owns 70 percent of Latent Corporation's common stock and 25 percent of Dally Corporation's common stock. In addition, Latent owns 40 percent of Dally's stock. In 20X6, Grasper, Latent, and Dally reported operating income of $90,000, $60,000, and $40,000 and paid dividends of $45,000, $30,000, and $10,000, respectively.

Required
a. What amount of consolidated net income will Grasper report for 20X6?
b. What amount of income will be assigned to the noncontrolling interest in the 20X6 consolidated income statement?
c. What amount of income will be assigned to the controlling interest in the 20X6 income statement?
d. What amount will be reported as dividends declared in Grasper's 20X6 consolidated retained earnings statement?



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  • CreatedMay 23, 2014
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