E3-7 Consolidated net income Sooseck Co. Ltd. is an 80 percent owned subsidiary of Yum Co. Ltd.,
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E3-7 Consolidated net income Sooseck Co. Ltd. is an 80 percent owned subsidiary of Yum Co. Ltd., acquired on January 1, 2014. The fair values of Sooseck Co. Ltd.’s net assets were equal to the book value on January 1, 2014. Yum Co. Ltd.’s separate net income before recognizing income from Sooseck Co. Ltd. for 2014 was $350,000, while Sooseck Co. Ltd.’s net income for the year was $240,000.
REQuIRED 1. Calculate income from Sooseck Co. Ltd. that should appear in the consolidated income statement for 2014.
2. Calculate the controlling share of net income for 2014.
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Related Book For 
Advanced Accounting
ISBN: 9781292214597
13th Global Edition
Authors: Joseph H. Anthony, Bruce Bettinghaus, Floyd A. Beams, Kenneth Smith
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