On January 1,2020, P Corp. purchased 80% of S Corp.s $10 par common stock for...
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Accounting
On January 1,2020, P Corp. purchased 80% of S Corp.s $10 par common stock for $900,000. on this date, the carrying amount of Ss net asset(net), which were $200,000 in excess of the carrying amount. Excess attribute to plant assets is amortized over 10 years. For the year ended December 31,2020, S had net income of $150,000 and declared cash dividends of $90,000. In the consolidation process, the noncontrolling share in the income distribution schedule of S Corp. should be:
A 45,000 B 15,000 C 39,000 D 26,000
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