Lexus Corporation acquired percent of Triumph Corporation's voting stock on January for $ The fair value of the noncontrolling interest was $ at the date of
acquisition. Triumph reported common stock outstanding of $ and retained earnings of $ The differential is assigned to buildings with an expected life of years at the da
of acquisition.
On December Lexus had $ of unrealized profits on its books from inventory sales to Triumph, and Triumph had $ of unrealized profit on its books from inventory
sales to Lexus. All inventory held at December X was sold during
On December Lexus had $ of unrealized profit on its books from inventory sales to Triumph, and Triumph had unrealized profit on its books of $ from inventory sales
to Lexus.
In Triumph reported net income of $ The amount Lexus will report as Income from Triumph Company for year would be:
$
$
$
$
