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Question - On January 1, 1912, Dewitt Corp. acquired 90% of Comstock Inc. by paying $39,750 cash. There is no active trading market for Comstock Incorporated. Comstock Inc. also reported a Common Share account balance of $11,667 and Retained Earnings $23,333 at that date. An appraisal was done on Comstock Inc., determining that the fair value of the company was now $44,167. Total annual amortization was $917 because of this transaction, Comstock Inc. earned $8,167 in 1912 and $10,500 in 1913 with dividend payments of $3,500 each year. Without regard for this investment, Dewitt Corp. had an income of $25,667 in 1912 and $30,333 in 2000. Use the economic unit concept to account for this acquisition.
Required -
1. Create a proper presentation of consolidated net income for 1912.
2. Create a proper presentation of consolidated net income for 1913.
3. What is the non-controlling interest balance as of December 31, 1913.
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