On January 1, 2016, Pop Corporation purchased a 60 percent interest in Son Corporation at book value

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On January 1, 2016, Pop Corporation purchased a 60 percent interest in Son Corporation at book value (equal to fair value). At that time, Son owned a 60 percent interest in Tip Corporation (acquired at book value equal to fair value) and a 15 percent interest in Win Company. The four companies had the following separate incomes and dividends for 2016 (all amounts are in thousands of dollars and separate income does not include investment income or dividend income):
On January 1, 2016, Pop Corporation purchased a 60 percent

REQUIRED:
Determine the controlling and noncontrolling interest shares of consolidated net income.

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Advanced Accounting

ISBN: 978-0134472140

13th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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