Question: A summary of changes in Pen Corporation's Investment in Sam account from January 1, 2011, to December 31, 2013, follows (in thousands): ADDITIONAL INFORMATION 1.

A summary of changes in Pen Corporation's Investment in Sam account from January 1, 2011, to December 31, 2013, follows (in thousands):
A summary of changes in Pen Corporation's Investment in Sam

ADDITIONAL INFORMATION
1. Pen acquired its 80 percent interest in Sam Corporation when Sam had capital stock of $2,400,000 and retained earnings of $1,200,000.
2. Dividends declared by Sam Corporation in each of the years 2011, 2012, and 2013 were equal to 50 percent of Sam Corporation's reported net income.
3. Sam Corporation's assets and liabilities were stated at fair values equal to book values on January 1, 2011.
REQUIRED
Compute the following amounts:
1. Sam Corporation's dividends declared in 2012
2. Sam Corporation's net income for 2012
3. Goodwill at December 31, 2012
4. Noncontrolling interest share for 2013
5. Noncontrolling interest at December 31, 2013
6. Consolidated net income for 2013, assuming that Pen's separate income for 2013 is $1,120,000, without investment income from Sam.

INVESTMENT IN SAM (80%) January 1, 2011 Income-2011 2012 2013 3,040 256 Dividends-2011 2012 2013 to balance 128 160 192 3,520 4,000 320 384 4,000 3,520 December 31, 2013 Balance forward

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