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Calculate Storms net income from Team

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Question - Storm Company paid 1,200,000 for an 80% investment in Team Company on 1-1-2018. On January 1, 2018, Team's capital stock was $600,000 and retained earnings were $300,000. The book value of Team's assets and liabilities equaled their fair values except for land and buildings with a 20 year life. The fair value over the book value of land was 50,000. The fair value over the book value of buildings was 100,000. Team Company had net income of 175,000 in 2018. Calculate Storm's net income from Team for 2018.

Reference no: EM132523955

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