Question: 6. Using Exhibit 1 below, answer the following two questions: Exhibit 1: Worksheet 0r Income Statement (2020) Income Statement Parent Sub C0. C1 Consolidated Revenues

6. Using Exhibit 1 below, answer the following6. Using Exhibit 1 below, answer the following
6. Using Exhibit 1 below, answer the following two questions: Exhibit 1: Worksheet 0r Income Statement (2020) Income Statement Parent Sub C0. C1 Consolidated Revenues (810,000) (504,000) Cost of Goods Sold 344,000 200,000 Depreciation Expense 60,000 20,000 _ _ _ Amortization Expense 170,000 120,000 _ _ Separate Net Income Note: Equity in Sub Earnings above has been intentionally left blank. a. Calculate the Non-controlling interest income for 2020 using Exhibit 1 above. How much is the NCI income for 2020'? You must show your well-labeled calculations to receive any credit. b. Calculate the controlling interest income for 2020 using Exhibit 1 above. How much is the controlling interest income for 2020? You must show your well-labeled calculations to receive any credit. 7. Using Exhibit 2 below for 2020, answer the following two questions: Exhibit 2: Worksheet for Balance Sheet (partial) (2020) Income Statement Parent Sub Co. Debit Credit NCI Consolidated Buildings (net) 304,000 470,200 Copyright (net) 880,000 540,000 Non-controlling Interest Hint: When calculating NCI, do not forget dividends from Retained Earnings Statement. c. Using data in Exhibit 2 above, what would be the consolidated balances for Buildings and for Copyrights, respectively at the balance sheet date? You must show your well-labeled calculations to receive any credit. d. Using data in Exhibit 2 above, what would be the Non-controlling interest in the subsidiary at the balance sheet date, December 31, 2020? You must show your well-labeled calculations to receive any credit. Hint: Look at Worksheet Entries S and A to assist you (I am so nice for providing this hint [INSERT Happy Face HERE])

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!