Pam Corporation acquired an 80 % interest in Son Company on January 1, 2019, for $ 90,000
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Question:
Pam Corporation acquired an 80 % interest in Son Company on January 1, 2019, for $ 90,000 cash when Son had Capital Stock of $ 60,000 and Retained Earnings of $ 40,000. The fair value / book value differential was attributable to equipment with a 10-year straight - line) expected useful life. Son suffered a $10,000 net loss in 2019 and paid no dividends. At year - end 2019,
Son owed Pam $ 18,000 on account. Pam's separate income for 2019 was $ 150,000
Required:
1 Compute the total controlling share of net income
2 Compute the non controlling share of net income.
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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