Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2021, sub company, an 80% owned subs

On January 1, 2021, Sub Company, an 80% owned subsidiary of Parent Company, sold to...

80.2K

Verified Solution

Question

Accounting

On January 1, 2021, Sub Company, an 80% owned subsidiary of Parent Company, sold to Parent Company equipment with a book value of 581000 for 714000. The equipment had an estimated remaining useful life of six years on the date of the intercompany sale. Parent Company reported net income from its independent operations of 501000, and Sub Company reported net income of 445000 in the years of 2021 and 2022.

The controlling interest in combined net income for the years ended December 31, 2021 was ______________ and on December 31, 2022 was_____________ .

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students