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Please Show All answers and solutions in all parts Part 1 taxes Alpha...

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Question

Accounting

Please Show All answers and solutions in all parts

Part 1 taxes

Alpha owns 90% of the voting stock of Beta

Information about 2023 is as follows.

Alpha Beta income b4 tax unconsolidated Alpha 300,000 Beta 100,000

tax rate: income 1 to 150,000 20%

income 150001 to 900,000 25%

income 900001 and above 30%

REQUIRED USING THE 2 APPROACHES FOR ALLOCATING INCOME TAX DETERMINE

A) income attributable to non-controlling interest

B) income attributable to parent

Part 2:

EPS Gamma Company owns 100% (1000 of the 1000 shares) of Delta stock. Information about Gamma and Delta are as follows:

Gamma Delta Situation A:

The preferred stock is cumulative non-convertible

Common stock (shares) 10,000 1000

Situation B:

the preferred stock is cumulative and convertible. Preferred stock 10% $100 par (shares) 0 100 it can be converted into 3 shares of common stock.

Net Income (unconsolidated) 50,000 5000

REQUIRED:

1) Determine Gamma's EPS in situation A

2) Determine Gamma's EPS in situation B

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