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1. Keefe Inc, a calendar-year corporation, acquires 70% of George Company on September 1, 2014, and an additional 10% on January 1, 2015. Total annual amortization of $6,000 relates to the first acquisition. George reports the following figures for 2015:
Retained earnings, 1/1/15 300,000
Dividends paid 50,000
Common stock 200,000
2. Without regard for this investment, Keefe independently earns $300,000 in net income during 2015. All net income is earned evenly throughout the year. What is the controlling interest in consolidated net income for 2015?
According to the new requirement, the company should record an expense $50,000 for 2005 and $50,000 for 2006. During 2008, all options are exercised. Illustrate what is the
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