Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, year 6, ab inc. purchased 80 percent

On January 1, Year 6, AB Inc. purchased 80 percent of the common...

70.2K

Verified Solution

Question

Accounting

On January 1, Year 6, AB Inc. purchased 80 percent of the common shares of CD Corp. for $1,400,000. On the date of acquisition, CDs shareholders equity was as follows:
Common shares $600,000
Retained earnings $608,000
Any acquisition differential was allocated to goodwill. During Year 6, CD earned a net income of $400,000 and paid dividends of $300,000. On December 31, Year 6, a goodwill impairment loss of $30,000 was recorded.
What is consolidated net income attributable to the non-controlling interest on the consolidated income statement for the year ended December 31, Year 6?
Multiple Choice:
a) $80,000
b) $60,000
c) $74,000
d) $20,000

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

Q

Pls do not handwrite the answer, this is for easy reading Speedy Scoot manufacturers various lies...

Accounting
Q

Find the vector equation of the tangent line to the surface f(x, y)=x/(1+y)+e^(x+y) at the point...

Basic Math
Q

A ladder having a uniform density and a mass m rests against a frictionless vertical wall,...

Physics
Q

What is the inducer in the Lac operon system 2 3 4 A protein Lactose...

Biology
Q

The average speed of 0 1 mol of gas A at 300 K was 460...

Physics
Q

An observer is moving with half the speed of light towards a stationary microwave source...

Physics
Q

A bicycle is traveling at 21 miles per hour. How many feet will it cover...

Geometry
Q

10 Fill in the missing value to make a valid probability distribution 15 0 19...

Calculus
Q

tg Graph of y f t The blue line in the f y plane shown...

Calculus
Q

The Adjusted Trial Balance columns of a work sheet for Planta Company follow. Complete the...

Accounting
Q

JANUARY 2019. QUESTIONS Urban plc, a company that prepares its a company that prepares its...

Accounting
Q

Depreciation measures the actual decline in market value of an asset.

Accounting