Brady, Inc., a calendar-year corporation, acquires 75% of Austin Company on September 1, 2020, and...
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Accounting
Brady, Inc., a calendar-year corporation, acquires 75% of Austin Company on September 1, 2020, and an additional 10% on January 1, 2021. Total annual amortization of $8,000 relates to the first acquisition. Austin reports the following figures for 2021:
Revenues: 550000
Expenses: 425000
Retained earnings, 1/1/20:300000
dividend paid: 55 000
Common stock: 200000
Without regard for this investment, Brady independently earns $375,000 in net income during 2020
All net income is earned evenly throughout the year.
What is the controlling interest in consolidated net income for 2020?
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