Question 6 2 points Save Ans On January 1, 2022, Zen Company (Zen) acquired 90% of...

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Question 6 2 points Save Ans On January 1, 2022, Zen Company (Zen) acquired 90% of the outstanding ordinary share of Angela Limited (Angela) for $3,220,000, at which time Angela had retained earnings of $1,100,000, share capital of $300,000 and share premium of $974,000. Zen adopted the full goodwill method, and the fair value of the non-controlling interests of Angela was assessed to be $320,000. On the acquisition date, the fair value of assets and liabilities of Angela was equal to their book value, except for an intangible asset, which was recorded at $256,000 below fair value. The intangible asset would be useful for another 4 years. During 2022, Angela sold inventories costing $110,000 to Zen for $176,000. Zen sold 75% of these inventories to outsiders in 2022. The remaining inventories would be sold to outsiders in 2023. The reported net incomes of Zen and Angela were as follows: Year 2022 Zen: $1,023,000 Angela: $259,000 For the year ended December 31, 2022, the consolidated net income is the consolidated net income attributable to non-controlling interest is and (please type in your answer with no comma, i.e. if your answer is 123,456, please type in only 123456) Question 6 2 points Save Ans On January 1, 2022, Zen Company (Zen) acquired 90% of the outstanding ordinary share of Angela Limited (Angela) for $3,220,000, at which time Angela had retained earnings of $1,100,000, share capital of $300,000 and share premium of $974,000. Zen adopted the full goodwill method, and the fair value of the non-controlling interests of Angela was assessed to be $320,000. On the acquisition date, the fair value of assets and liabilities of Angela was equal to their book value, except for an intangible asset, which was recorded at $256,000 below fair value. The intangible asset would be useful for another 4 years. During 2022, Angela sold inventories costing $110,000 to Zen for $176,000. Zen sold 75% of these inventories to outsiders in 2022. The remaining inventories would be sold to outsiders in 2023. The reported net incomes of Zen and Angela were as follows: Year 2022 Zen: $1,023,000 Angela: $259,000 For the year ended December 31, 2022, the consolidated net income is the consolidated net income attributable to non-controlling interest is and (please type in your answer with no comma, i.e. if your answer is 123,456, please type in only 123456)