Reference no: EM131293181
On January 1, 2013, Spears had common stock of $270,000 and retained earnings of $410,000. During that year, Spears reported sales of $280,000, cost of goods sold of $145,000, and operating expenses of $55,000.
On January 1, 2011, Pitbull, Inc., acquired 80 percent of Spears’s outstanding voting stock. At that date, $75,000 of the acquisition-date fair value was assigned to unrecorded contracts (with a 20-year life) and $35,000 to an undervalued building (with a 10-year life).
In 2012, Spears sold inventory costing $15,000 to Pitbull for $30,000. Of this merchandise, Pitbull continued to hold $9,000 at year-end. During 2013, Spears transferred inventory costing $15,750 to Pitbull for $35,000. Pitbull still held half of these items at year-end.
On January 1, 2012, Pitbull sold equipment to Spears for $19,500. This asset originally cost $31,000 but had a January 1, 2012, book value of $12,000. At the time of transfer, the equipment’s remaining life was estimated to be five years.
Pitbull has properly applied the equity method to the investment in Spears.
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b. Compute the noncontrolling interest in the subsidiary’s net income for 2013.
Noncontrolling interest in subsidiary's net income
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