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What is the total acquisition differential on jan

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Reference no: EM132602254

NET purchased 80% of the 10,000 outstanding shares LNET had on Jan 1, 2019 for $355,000 cash. On that day, LNET had 10,000 preferred shares, 5% cumulative, redeemable at a price which is $1 higher than the cost, and dividends were two years in arrears. NET did not own any of those preferred shares. Both companies have Dec. 31 as the reporting day. LNET reported the followings:

Common shares: $180,000 on Jan 1, 2019

Preferred shares: $60,000 on Jan 1, 2019

Retained earnings: $80,000 on Jan 1, 2019

Net income: $70,000 for 2019

Dividends declared: $5,000 in 2019

Assume: entity theory is used.

Question 1: What is the total acquisition differential on Jan 1, 2019?

Question 2: What is the NCI in profit that should be reported on the consolidated income statement for year 2019?

Question 3: What is the NCI reported on the consolidated balance sheet as of Dec 31, 2019?

Question 4: What is the amount contributed by LNET to NET's portion in the consolidated net income for year 2019?

Reference no: EM132602254

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