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nordsb [41]
3 years ago
9

On January 1, 2018, Chamberlain Corporation pays $550,000 for an 80% ownership in Neville. Annual excess fair-value amortization

of $25,000 results from the acquisition. For the year ended December 31, 2019, Chamberlain reports net income of $340,000 and Neville reports $175,000. The parent figures contain no income from the subsidiary.
What is the consolidated net income attributable to the non-controlling interest?
Business
1 answer:
german3 years ago
3 0

Answer:

The question is missing the options, which are contained in the attached question.

The consolidated net income attributable to the non-controlling interest i $30,000.00 with option D as the correct answer as found in the attached

Explanation:

Neville's net income for the year                   $175,000.00

less annual excess fair value amortization    ($25,000.00)

Net income after excess fair amortization      $150,000.00

Chamberlain's share of net income

80%*$150,000.00                                            (<u>$120,000.00)</u>

Non-controlling interest share of net income  $30,000.00

Note that the non-controlling interest is a balancing figure.

Chamberlain consolidated income can be computed thus:

Chamberlain 100%   net income   $380,000.00

Plus share of Neville's net income <u>$120,000.00</u>

Consolidated net income                 <u>$500000.00</u>

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