Nichewent Corporation acquired 70% of Convent Corporation's common stock for $700,000 on January 1, 20X2. During 20X2,
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Question:
Nichewent Corporation acquired 70% of Convent Corporation's common stock for $700,000 on January 1, 20X2. During 20X2, Nichewent reported the following for 20X2:
Sales $600,000;
Cost of Goods Sold $30,000;
Depreciation Expense $50,000;
Other Expenses $20,000.
During the same year, Convent reported the following:
Sales $300,000;
Cost of Goods Sold $30,000;
Depreciation Expense $60,000;
Other Expenses $30,000.
Goodwill was impaired $4,000 during 20X2.
What would be the consolidated net income at the end of 20X2 ?
Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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