Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 2 on jan.1, 2020, x company acquired 90%

Question 2 On Jan.1, 2020, X Company acquired 90% of y common stock...

50.1K

Verified Solution

Question

Accounting

image

Question 2 On Jan.1, 2020, X Company acquired 90% of y common stock by $150,000 and fair value of noncontrolling interest is $50,000. The fair value of net assets of Y company equal book value es Inventory which was higher than cost by $10,000, while they were sold during 2020. On Dec 31, 2020, both companies determined: X Y Net income $50,000 $30,000 $10,000 Dividends $10,000 Compute 1. Consolidated Income 2. Income Assigned to NCI (Y Company) 3. income Assigned to CI (X Company)

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1.       ________ is a line coding technique in which a logical “1” or “0” is represented...

Electrical Engineering
Q

In no more than 400 words, compare and contrast managing the supply chain, managing inventory, inventory...

General Management
Q

6 Identify the wrong statement in the following Coulomb s law correctly the electric force...

Physics
Q

A weightless piston divides a thermally insulated cylinder into two parts of volumes V and...

Physics
Q

The bob of a 0 2 m long pendulum describes an arc of circle in...

Physics
Q

Heavier birds tend to have larger wings than smaller birds For one species of bird...

Basic Math
Q

in june of 2018, mikes framing was able to emerge from chapter11 bankruptcy and then...

Accounting
Q

Flames Corporation has a cash balance of $10,500 on April 1. The company must maintain...

Accounting
Q

Schwerin Corporation reports the following on its 2022 financial statements. From statement...

Accounting
Q

TB Problem Qu. 10-239 The following data for November have been provided.... The following data...

Accounting
Q

The following costs were incurred during the current month: Direct materials $35,000 Direct labor $13,000...

Accounting
Q

Required information [The following information applies to the questions displayed below.] Marc and Michelle are...

Accounting