On January 1, 2015, P Company acquired a 90% interest in S Company. During 2016, S Company
Question:
On January 1, 2016, P Company sold equipment that had a book value of $80,000 to S Company for $120,000. The equipment had an estimated remaining life of four years.
S Company reported net income of $120,000, and P Company reported net income of $300,000 from their independent operations (including sales to affiliates) for the year ended December 31, 2016.
Required:
Calculate controlling interest in consolidated net income for the year ended December 31, 2016.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: