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In the consolidated income statement of Push Compa...




In the consolidated income statement of Push Company and its subsidiary, Shove Corporation, the noncontrolling interest was assigned $24,000 of income for 2003. What amount of net income (Hint: It should be the total net income from Shove) did Shove report for 2003 if Push owns 80 percent of Shove? Student Response 1. $ 144,000. 2. $120,000. 3. $ 19,200. On december 31, P company acquired 100 % of E Corporation's outstanding voting common stock by issusing 22000 shares of P $10 par value common stock. P stock has a market value of $15 per share. Book and fair values of E's assets and liabilities on that date were same except for land which has a FV of 40000 more than book. balance sheet of book value before acquisition P E total Assets $1,000,000 $350,000 total Liabilities 300,000 90,000 Common stock 270,000 200,000 additional paid-in 180,000 10,000 retained earnings 250,000 50,000 total 1000,000 350,000 1. what would be the amount P would report as its invesments in E on DEC 31? a. $330,000 b. 300,000 c. 260,000 2 Good will would be shown on DEC 31, consolidated balance sheet at: a.0 b. $20,000 c.$30,000 3. the common stock account should be shown in the consolidated balance sheet at: a. $600,000 b. $490,000 c. 470,000


Paper#6383 | Written in 18-Jul-2015

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