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Keefe inc a calendar year corporation acquires 70 of george

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Keefe Inc. a calendar year corporation, acquires 70% of George Company on september 1, 2009 and an additional 10% on April 1, 2010. Anual amortization for the initial acquizition is 6000 (this does not include the the additional 10% on 4/1). George reports the following:

  • Revenue: 500000
  • Expenses: 400,000
  • Retained earnings 1/1/10: 300000
  • Dividends paid: 50,000
  • Common stock: 200000
  1. Without regards to investments Keefe's income is 300,000 all income is earned evenly
  2. What is the controlling interest in consolidated net income?

Reference no: EM13599397

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