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german
3 years ago
9

Primer Company acquired an 80% interest in SealCoat Company on January 1, 2013, for $450,000 cash when SealCoat Company had comm

on stock of $250,000 and retained earnings of $250,000. All excess was attributable to plant assets with a 10-year life.
SealCoat Company made $50,000 in 2013 and paid no dividends. Primer Company's separate income in 2013 was $625,000. The controlling interest in consolidated net income for 2013 is:

a. $675,000.

b. $665,000.

c. $660,000.

d. $625,000.
Business
1 answer:
KATRIN_1 [288]3 years ago
3 0

Answer:

b) $665,000.

Explanation:

Primer income: $625,000

SealCoat income: $50,000

Primer interest in SealCoat is 80% therefore primer is a parent company to SealCoat and is entitled to $40,000 (80%*$50,000) on SealCoat income.

Therefore, consolidated net income for 2013 is: $665,000 (625,000+40000)

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