Pub Corporation owns 60 percent of Sam Corporation and 80 percent of Tim Corporation. Tim owns 20
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Pub Corporation owns 60 percent of Sam Corporation and 80 percent of Tim Corporation. Tim owns 20 percent of Sam. Separate income and loss data (not including investment income) for the three affiliates for 2011 are as follows:
Pub .................. $400,000 separate income
Sam .................. $150,000 separate income
Tim ..................... ($200,000) separate loss
There are no differentials or unrealized profits to consider in measuring 2011 income.
REQUIRED
Calculate the controlling share of consolidated net income for 2011.
CorporationA 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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Related Book For
Advanced Accounting
ISBN: 978-0133451863
12th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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