Pie Corporation increases its ownership interest in its subsidiary, Set Corporation, from 70 percent on January 1,

Question:

Pie Corporation increases its ownership interest in its subsidiary, Set Corporation, from 70 percent on January 1, 2011, to 90 percent at July 1, 2011. Set’s net income for 2011 is $100,000, and it declares $30,000 dividends on March 1 and $30,000 on September 1.

REQUIRED:

Show the allocation of Set’s net income and dividends among controlling interests, noncontrolling interests, and preacquisition interests.

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...