Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sky company, the 70%-owned subsidiary of pulling c

Sky Company, the 70%-owned subsidiary of Pulling Corporation had a net income of $160,000 and...

90.2K

Verified Solution

Question

Accounting

Sky Company, the 70%-owned subsidiary of Pulling Corporation had a net income of $160,000 and declared dividends of $60,000 during the fiscal year ended February 28, 2021. Fiscal Year 2021 depreciation and amortization of differences between current fair values and carrying amounts of Sky's identifiable net assets on the date of the business combination was $30,000; and Fiscal Year 2021 impairment of goodwill recognized in the Pulling-Sky business combination was $1,000. The minority interest in net income of Sky for Fiscal Year 2006 was:

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