Put Corporation acquired a 90 percent interest in Sam Corporation at book value on January 1, 2011. Intercompany purchases and sales and inventory data for 2011, 2012, and 2013, are as follows:
Intercompany Profit in
Put's Inventory at
Sales by Sam to Put December 31
2011 .............. $400,000 ......................... $30,000
2012 ............... 300,000 ........................... 24,000
2013 ............... 600,000 ........................... 48,000
Selected data from the financial statements of Put and Sam at and for the year ended December 31, 2013, are as follows:

REQUIRED
Prepare well-organized schedules showing computations for each of the following:
1. Consolidated cost of sales for 2013
2. Noncontrolling interest share for 2013
3. Consolidated net income for 2013
4. Noncontrolling interest at December 31, 2013

Transcribed Image Text:

Put Sam Income Statement Sales Cost of sales Expenses Income from Sam Balance Sheet Inventory Retained earnings December 31, 2013 Capital stock $1,800,000 1,250,000 450,000 248,400 1,200,000 600,000 300,000 S300,000 850,000 1,000,000 160,000 440,000 600,000