For requirement 3. Consolidate net income for 2013. How is the answer $1,274,000 for the...
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For requirement 3. Consolidate net income for 2013. How is the answer $1,274,000 for the consolidated cost of sales?
P5-2 computations (upstream sales) Put Corporation tion acquired a 90 percent interest in Sam Corporation at book value on January 1, 2011. ercompany purchases and sales and inventory data for 2011,2012, and 2013, are as follows. Sales by Sam to Put Intercompany Profit in Put's Inventory at December 31 2011 2012 2013 $400,000 300,000 600,000 $30,000 24,000 48,000 Selected data from the financial statements of Put and Sam at and for the year ended Decem- ber 31, 2013, are as follows: Put Sam Income Statement Sales Cost of sales Expenses Income from Sam Balance Sheet Inventory Retained earnings December 31, 2013 Capital stock $1,800,000 1,250,000 450,000 248,400 $1,200,000 600,000 300,000 $300,000 850,000 1,000,000 $ 160,000 440,000 600,000 REQUIRED: Prepare well-organized schedules showing computations for each of the following: 1. Consolidated cost of sales for 2013 2. Noncontrolling interest share for 2013 3 Consolidated net income for 2013 4. Noncontrolling interest at December 31, 2013
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