Patriots Co. purchases 70 percent (for underlying BV) of Seahawk Company on January 1, 20X1,...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Patriots Co. purchases 70 percent (for underlying BV) of Seahawk Company on January 1, 20X1, when Patriots retained earnings balance is $525,000 and Seahawks' is $300,000. During 20X1, Seahawk reports $120,000 of net income and declares $5,000 of dividends. Patriots reports $375,000 of operating income and included its share of equity-method income from its 70 percent interest in Seahawk in its net income; Patriots declares dividends of $90,000. What is total Consolidated Income for 20X1?
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!
