Required: Assuming there are no other intra-entity transactions nor excess amortizations, what was the net income attributable to the noncontrolling interest of Lee? Due to the sale of land being an upstream sale, and not sold to an external entity the Gain would be deferred each year.

The executor of Gina Purcell’s estate has recorded the following information: Debts of $17,000 still remain to be paid. The Dell shares have been conveyed to the appropriate beneficiary. Assume that Ms. Purcell’s will stated that all executor fees are to be paid from principal. Prepare an interim charge and discharge statement for this estate.

Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $195,000 and appropriately accounted for the investment using the fair-value method. On January 1, 2021, Milani purchased an additional 30 percent of Seida for $624,000 which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $2,080,000 in total. Seida’s January 1, 2021, book value equaled $1,930,000, although land was undervalued by $130,000. Any additional excess fair value over Seida's book value was attributable to a trademark with an eight-year remaining life. During 2021, Seida reported income of $342,000 and declared and paid dividends of $100,000.   Prepare the 2021 journal entries for Milani related to its investment in Seida. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)   Record acquisition of Seida stock. Record the 40% income earned during period by Seida. Record 2021…

On January 1, 2024, Cameron Incorporated bought 30% of the outstanding common stock of Lake Construction Company for $330 million cash, giving Cameron the ability to exercise significant influence over Lake’s operations. At the date of acquisition of the stock, Lake's net assets had a fair value of $700 million. Its book value was $600 million. The difference was attributable to the fair value of Lake's buildings and its land exceeding book value, each accounting for one-half of the difference. Lake’s net income for the year ended December 31, 2024, was $110 million. During 2024, Lake declared and paid cash dividends of $20 million. The buildings have a remaining life of 5 years. Required: Complete the table below and prepare all appropriate journal entries related to the investment during 2024, assuming Cameron accounts for this investment by the equity method. Determine the amounts to be reported by Cameron. 1 Record the investment in Lake Construction shares. 2 Record the…