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On January 1, 2022 Pan Pacific Company purchased 90 percent interest in Sunshine Corporation at...

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Accounting

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On January 1, 2022 Pan Pacific Company purchased 90 percent interest in Sunshine Corporation at book value (equal to fair value). At that time, Sunshine Corporation owned 70 percent interest Triangle Company and 60 percent interest in Windy Company (both are acquired at book value equal to fair value). There are no unrealized or constructive profits or losses from intercompany transactions. The following are the separate income and dividends for each combanv: REQUIRED: 1. Determine the controlling and non-controlling interest share of consolidated net income for 2022. (5 Marks) 2. Determine Pan Pacific's income from Sunshine and dividend received from Sunshine

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