Reference no: EM132517096
Question - Paste Corporation owns 70 percent of Stick Corporation's voting common stock. On the date of acquisition, Stick's fair value equaled its book value.
Paste has $500,000 of separate company net income for 20X2. This does not include any equity income from Stick.
Stick has $300,000 of separate company net income.
Both companies had a land sale with a $50,000 gain during year 20X2. The gain is included in the amounts starred above.
Part A - Assume Paste's $50,000 gain is from a sale to an unrelated company.
Assume Stick's $50,000 gain was from a sale to Paste.
1. What will be reported as consolidated net income on the 20X2 income statement?
2. What is 20X2 net income attributable to the noncontrolling interest?
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