Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 20x1, peace, inc., acquired 70 perce

On January 1, 20X1, Peace, Inc., acquired 70 percent of Silver's outstanding voting stock. At...

70.2K

Verified Solution

Question

Accounting

image

On January 1, 20X1, Peace, Inc., acquired 70 percent of Silver's outstanding voting stock. At that date, $74,000 of the acquisitiondate fair value was assigned to unrecorded contracts (with a 10-year life). In 20X1, Silver sold inventory costing $21,700 to Peace for $31,000. Of this merchandise, Peace continued to hold $5,000 at year-end. During 202, Silver transferred inventory costing $21,600 to Peace for $36,000. Peace still held half of these items at year-end. Silver reported $84,000 of net income for year 202. The amount of net income attributable to the noncontrolling interest for 202 would be

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

Basic Math
1.2K views

in the second half of the 20th century, the city of phoenix, Arizona exploded in size....

Mechanical Engineering
1.2K views

Two infinitely long plates with surface temperatures maintained at 600 K and 300 K respectively are placed...

Physics
1.2K views

A bullet of mass 2 g is having a charge of 2 C Through what...

Physics
1.2K views

Aliquid enter at point A1 with speed 3 5 m s and leaves at point...

Accounting
1.2K views

Assume that the yield curve is flat at 5.7%. The bond has 3 years to...

Accounting
1.2K views

Required information Skip to question [The following information applies to the questions displayed...

Accounting
1.2K views

For how long must contributions of $5000 be made at the end of each year...

Accounting
1.2K views

Required: Write a memo, with appropriate appendices, using the instructions below. The memo should be...

Accounting
1.2K views

please answer all the requirements. use the last picture to format answers ...

Accounting
1.2K views

Qustion 34 acon Corporation has provided the following financial data from its balance sheet and...

Accounting
1.2K views

On December 31, 2016, the accounts in the ledger of Monroe Entertainment Co. are listed...

Accounting
1.2K views

Pastina Company sells various types of pasta to grocery chains as private label brands. The...