EXERCISE 1-4 Parent versus Economic Entity Concepts LO8 Part 1: When a company acquires another company, often less than 100\% of the shares are acquired. For an acquisition to be considered a business acquisition, control must be obtained. Net income of the acquired company is divided between the controlling and non-controlling interest. The following information is from Coca-Cola Company's 2020 annual report. Required: A. If the economic entity concept is followed, consolidated net income would be what dollar amount? B. If the parent company concept is followed, consolidated net income would be what amount? Part 2: On Coca-Cola Company's 2020 balance sheet, the standalone equity of Coca-Cola is presented along with the equity of any acquired company (this amount is separated into the controlling interest owned by Coca-Cola and the non-controlling interest owned by entities other than Coca-Cola). The following information is known: C. If the economic entity concept is followed, Consolidated equity would be: D. If the parent company concept is followed, consolidated equity would be what amount