Pan Corporation owns an 80 percent interest in Sol Company and Sol owns a 30 percent interest

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Pan Corporation owns an 80 percent interest in Sol Company and Sol owns a 30 percent interest in Pan, both acquired at a fair value equal to book value. Separate incomes (not including investment income) of the two affiliates for 2011 are:
Pan .................... $6,000,000
Sol .................... $3,000,000
REQUIRED
Compute controlling share of consolidated net income for 2011 using the conventional (equation) approach.
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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