Consolidated net income attributable to controlling interest

Assignment Help Financial Accounting

Reference no: EM131287813

On January 1, 2012, Chamberlain Corporation pays $604,000 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $22,400 results from the acquisition. On December 31, 2013, Neville reports revenues of $536,000 and expenses of $376,000 and Chamberlain reports revenues of $759,000 and expenses of $414,000. The parent figures contain no income from the subsidiary. What is consolidated net income attributable to the controlling interest?

$427,560

$536,000

$482,600

$449,960

Reference no: EM131287813

Questions Cloud

Improve the welfare of employee-investors is pension design : If employee-investors are unsophisticated and unlikely to be materially influenced by educational efforts, the best way to improve the welfare of employee-investors is pension design. Discuss.

Prepare a bank reconciliation and journal entries : The following information is extracted from the bank statement and the accounting records of Sun Corporation for the month of July, 2016: Prepare a bank reconciliation for Sun on July 31, 2016. Prepare the journal entries necessary to adjust Sun’s bo..

Used to establish fund for the grandchild : Ruth would like to establish a college fund of $20,000 for her grandson, age 1. She has heard about 529 plans and Coverdale college fund and is wondering how either could be used to establish a fund for the grandchild. Ruth is in a high tax bracket a..

Exchanged the equipment for new equipment : Jones Corp. purchased equipment for $45,000. Total depreciation of $36,000 was recorded. On January 1, 2017, Jones exchanged the equipment for new equipment, paying $56,000 cash. The market value of the new equipment is $65,000. Prepare the journal e..

Consolidated net income attributable to controlling interest : On January 1, 2012, Chamberlain Corporation pays $604,000 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $22,400 results from the acquisition. On December 31, 2013, Neville reports revenues of $536,000 and expenses of..

Realized gains or losses on available-for-sale investments : Realized gains or losses on available-for-sale investments represent the difference between the Realized gains or losses on available-for-sale investments represent the difference between the historical cost and the average market value of the invest..

Order discharging the personal representative : If no federal estate tax return is required of the decedent's estate a. the Section 645 election is not available. b. the Section 645 election period begins on date of death. c. the Section 645 election period ends when the local probate court enters..

Income tax deduction for distributions to beneficiaries : Tom is the trustee of the Generous Trust. The trust agreement directs the trustee to pay all net fiduciary accounting at least annually to Ms. Behaven. During 2013 the trust earned $10,000 of net fiduciary accounting income, consisting of taxable bon..

Necessary to account for private placement and the call : Y Ltd is listed on the Australian Securities Exchange. On 1 January 2015, Y Ltd invited Madi Ltd to purchase 700 000 shares at $2.50 per share. At the time of accepting the offer, Madi Ltd only had cash resources available of $900 000. Provide the jo..

User Account

All Pages