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Winston Corporation purchased 40 percent of the stock of Fullbright Company on January 1, 20X2, at underlying book value. The companies reported the following operating results and divi- dend payments during the first three years of intercorporate ownership: Year
20X2 20X3 20X4
Required Operating Income $100,000 60,000 250,000 Dividends $ 40,000 80,000 120,000 Net Income $70,000 40,000 25,000 Dividends $30,000 60,000 50,000 Winston Corporation Fullbright Company
Calculate the net income reported by Winston for each of the three years, assuming it accounts for its investment in Fullbright using (a) the cost method and (b) the equity method
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