The following diagram depicts the investment affiliations among Companies M
The following diagram depicts the investment affiliations among Companies M, N, and O:
The following facts apply to 2013 operations:
All investments are made at a price equal to book value.
1. Prepare the simple equity method adjustments that would be made for the investments owned by Companies M and N during the year 2013.
2. Intercompany inventory transactions affecting 2013 are as follows:
Using the facts given, determine the consolidated income of the consolidated company, the non-controlling interest, and the controlling interest net income. Income distribution schedules may be used for support.
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