473.18 On January 2, 2021, Penn Company purchased 80% of the outstanding common shares of...
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Accounting
473.18
On January 2, 2021, Penn Company purchased 80% of the outstanding common shares of Senn Company.
During 2021, Senn Company sold merchandise that cost $2,700 to Penn Company for $3,600.
Penn Company sold all but $600 of this merchandise to its customers for $3,700 on account.
Senn Company reported net income of $3,000 and Penn Company reported separate operating income (excluding income from Senn Company) of $5,000 in 2021.
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Q2. What is the consolidated net income? Answer: Q3. What is the net income attributable to NCl(NCl in NI) ? Answer: Q4. What is the Net Income attributable to Controlling Interest (Controlling Interest Answer: Q5. Based on the information above, please complete the following worksheet
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