Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pino corporation owned a 100% interest in a subsid

Pino Corporation owned a 100% interest in a subsidiary, Sino Company, which was accounted for...

60.1K

Verified Solution

Question

Accounting

Pino Corporation owned a 100% interest in a subsidiary, Sino Company, which was accounted for by the equity method, During 2020, Sino net income $243,000. Sino declared and paid a $80,000 dividend during Year 2020. There were no differences between the current fair values and carrying amounts of Sinos identifiable net assets on the date of the business combination, and there was no goodwill in the business combination. the consolidated net income of Pino Corporation and Sino for 2020 $ 743,000. the consolidated net income of the parent and its subsidiary for 2020 is:

a.

$ 500,000.

b.

$ 560,000.

c.

$ 533,000.

d.

$ 743,000.

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