#5

Pizza Corporation acquired 75 percent of Slice Corporation's voting common stock on January 1,204, for $347,000, when the fair value of Its net identifiable assets was $462,000 and the falr value of the noncontrolling interest was $115,000. Slice reported common stock outstanding of $130,000 and retalned earnings of $230,000. The excess of fair value over book value of Slice's net assets was attributed to amortizable assets with a remaining IIfe of 10 years. On December 31,204, Slice sold a bullding to Pizza and recorded a gain of $23,000. Income assigned to the noncontrolling shareholders in the 204 consolidated Income statement was $17,600. Required: a. Compute the amount of net Income Slice reported for 204. b. Compute the amount reported as consolidated net Income if Pizza reported operating Income of $250,000 for 204. c. Compute the amount of income assigned to the controlling interest in the 204 consolidated income statement