On January 1, 2017, Chamberlain Corporation pays $388,000 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $15,000 results from the acquisition. On December 31, 2018, Neville reports revenues of $400,000 and expenses of $300,000 and Chamberlain reports revenues of $700,000 and expenses of $400,000. The parent figures contain no income from the subsidiary. What is consolidated net income attributable to Chamberlain Corporation? $385,000 $351,000 $366,000 $400,000

Q: On January 1, 2017, Harrison, Inc., acquired 90 percent of Starr Company in exchange for $1,125,000…

A: Step 1 The consolidated net income for 2017 and 2018 is $220,000 and $260,000. It is obtained by…

Q: On January 1, 2017, Harrison, Inc., acquired 90 percent of Starr Company in exchange for $1,125,000…

A: Requirement 1:

Q: Following are several figures reported for Allister and Barone as of December 31, 2018:Allister…

A: Consolidated Total Assets means, as of any date of determination, the total amount of all assets of…

Q: Goku Corporation is an 80% owns subsidiary of Vegeta Corporation. In 2018, Goku sold land net cost…

A: Income statement is the summary showing costs and revenues to calculate the gross and net losses and…

Q: Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2017, for $195,000 and…

A: Journal entry is the practice of recording commercial transactions for the first time in the books…

Q: P Incorporated purchased 80% of The S Company on January 2, 2014, when S's book value was $800,000.…

A: If a shareholder has less acquisition of shares in a firm/company or say less than 50% of total…

Q: Penny Ltd, a reporting entity, acquired 100% of the issued shares of Lane Ltd on 1 July 2016. The…

A: Intragroup transactions are transactions that occur between entities in the group which are to be…

Q: On January 1, 2020, Chamberlain Corporation pays $586,800 for a 60 percent ownership in Neville.…

A: As a result, the combined net income represents the sum of these companies' revenue and costs. The…

Q: On July 1, Zamora Inc. agreed to sell the assets of its Golfright Division to Benito Inc. for $71…

A: Once a division fulfills criteria to classify as a discontinued operation it shall be disclosed in…

Q: Placid Lake Corporation acquired 90 percent of the outstanding voting stock of Scenic, Inc., on…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on…

A: As posted multiple sub parts questions we are answering first three sub parts only kindly repost the…

Q: The separate condensed balance sheets of Patrick Corporation and its wholly owned subsidiary, Sean…

A: Thus, the amount of total assets reported is $1,520,000.

Q: Sanchez Company acquired inventories on June 1, 2021 from its 60% owned subsidiary, Black…

A: Eliminating the inter company transactions Inventory in stock of Sanchez= P 285000*30%= P 85500…

Q: oku Corporation is an 80% owns subsidiary of Vegeta Corporation. In 2018, Goku sold land net cost of…

A: Consolidated income statement includes the summary of cost and revenues of the parent and subsidiary…

Q: On January 1, 2018, Potter Corporation purchased 80% of Draco Company’s outstanding shares for…

A: The question is multiple choice question Required  Choose the Correct Option.

Q: Pitino acquired 90 percent of Brey’s outstanding shares on January 1, 2016, in exchange for $342,000…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: P Company acquired 90% of S Corporation on January 1, 2011, for $2,250,000. S Inc. had net assets at…

A: A stock exchange allows anybody to purchase and sell securities in order to grow their (financial)…

Q: On April 1, 2021, BBC Co. acquired a 30% stake in LTI Inc. for $ 100,000. This amount includes $…

A: Consolidated Income Statement: It can be referred to as an income statement prepared by the parent…

Q: 2019 to Frieza Company, an unrelated entity, for P110,000. The consolidated income statement of…

A: Given: To calculate the gain of the corporation in the sale land with the given information as,

Q: On January 3, 2016, Persoff Corporation acquired all of the outstanding voting stock of Sea Cliff,…

A: Fair Value: Fair value is the price settled and agreed by both buyer and seller, each of them acting…

Q: P Incorporated purchased 80% of The S Company on January 2, 2014, when S's book value was $800,000.…

A: Non-controlling interest (NCI) in subsidiary on date of acquisition is measured at either…

Q: a. If all companies use the equity method for internal reporting purposes, what is the December 31,…

A:

Q: Marie Co. sold inventories on May 1, 2021 to its 75% owned subsidiary, Paz Company. The inventories…

A: Stake of Marie Co in Paz company = 75% Minority stake(Non-controlling interest) = 25% Of the total…

Q: On January 3, 2016, Persoff Corporation acquired all of the outstanding voting stock of Sea Cliff,…

A: Persoff\'s Equity earnings in Sea Cliff\'s balance for the year ended December 31, 2018.

Q: Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: On July 1, 2018, Manama Co. acquired 99% of the outstanding ordinary share capital of Amwaj Co. for…

A: Non controlling interest using the full goodwill method is calculated by multiplying the holding of…

Q: Boulder, Inc., obtained 90 percent of Rock Corporation on January 1, 2016. Annual amortization of…

A: Requirement a:

Q: On March 1, 2017, Mindoro Company purchased 40% of the outstanding ordinary shares of Garapal…

A: Investment: It is an asset or item which is purchased and held to generate income or for…

Q: On May 1, Foxtrot Co. agreed to sell the assets of its Footwear Division to Albanese Inc. for $80…

A: Sale amount for assets= $80 million Book value of assets= $48 million Operating income in form of…

Q: On January 1, 2014, P Company purchased an 80% interest in S Company for $628,000, at which time S…

A: Book value of subsidiary co. Holding Company P Company Subsidiary Company S Company…

Q: On January 1, 2016, Aspen Company acquired 80 percent of Birch Company’s voting stock for $288,000.…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: On January 1, 2013, Pepper Corporation acquired 90 percent of Salt Company's voting common stock for…

A: A Holding company is a company that owns and controls the operations of the other entity. The…

Q: On May 1, 2021, Jazzie Co. agreed to sell the assets of its Mister Division to Shawna Inc. for $80…

A: Particulars Amount in Millions a) Pre-tax loss from discontinued operations (10) b) Loss…

Q: On January 1, 2013, Pepper Corporation acquired 90 percent of Salt Company's voting common stock for…

A: Holding companies are those that own and control the functioning of the other entity. They are also…

Q: Branson paid $465,000 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1,…

A: Hey, since there are multiple sub-parts posted, we will answer the three sub-parts. If you want any…

Q: Placid Lake Corporation acquired 90 percent of the outstanding voting stock of Scenic, Inc., on…

A: Hey, since there are multiple requirements posted, we will answer the first three requirements. If…

Q: Boulder, Inc., obtained 90 percent of Rock Corporation on January 1, 2016. Annual amortization of…

A:

Q: On January 1, 2016, Uncle Company purchased 80 percent of Nephew Company's capital stock for…

A: Dividend refers to the percentage of earning shared by a company or organization to its…

Q: Echo, Inc., purchased 10 percent of ProForm Corporation on January 1, 2017, for $345,000 and…

A: a. The income to be reported in 2017 in connection with its ownership of Company P can be determined…

Q: On January 1, 2017, Grace Company (Grace) purchased 79% of the outstanding ordinary share of Hilda…

A: NCI on Jan 1, 2017                        6,63,000 Add change in retained earning from 2017 to…

Q: On September 17, 2018, Ziltech, Inc., entered into an agreement to sell one of its divisions that…

A: Pretax income from continuing operations = $14 million Tax rate = 40% After tax income from…

Q: Choose the correct.On January 1, 2017, Chamberlain Corporation pays $388,000 for a 60 percent…

A: Non-controlling interest: The interest which is other than that of parent company in any entity is…

Q: On January 1, 2017, Chamberlain Corporation pays $388,000 for a 60 percent ownership in Neville.…

A:

Q: What is the balance of the non controlling interest in Starr at December 31, 2018?

A: Non-controlling Interest

Q: Plaza, Inc., acquires 80 percent of the outstanding common stock of Stanford Corporation on January…

A:

Q: On January 1, 2016, Parent Company purchased for P6,500,000 65% of the outstanding shares of…

A: In consolidation , a parent company prepares a consolidated…

Q: On January 1, 2020, Chamberlain Corporation pays $586,800 for a 60 percent ownership in Neville.…

A: As a result, the consolidated net income is the amount of these firms' revenue and expenses. The…

Q: On January 1, 2014, Malibu Corporation paid $700,000 to purchase 90% of outstanding stock of Balam…

A: Calculation of fair value of Balam corporation = Amount paid for the acquisition / % share acquired

Q: Highpoint owns a 95 percent majority voting interest in Middlebury. In turn, Middlebury owns an 80…

A: Hey, since there are multiple sub-parts posted, we will answer the three sub-parts. If you want any…