Bedford Company purchased a 90% interest in Midway Company on January 1 of the current year, and the purchase price reflected 90% of Midways book value of equity. Bedford Company had $240,000 net income for the current year before recognizing its share of Midway Companys net income. If Midway Company had net income of $54,000 for the year, what is the consolidated net income attributable to Bedford shareholders for the year? $Answer

Computing Consolidating Adjustments and Noncontrolling Interest Patterson Company purchases 80% of Kensington Company's common stock for $560,000 cash when Kensington Company has $280,000 of common stock and $420,000 of retained earnings. a. If a consolidated balance sheet is prepared immediately after the acquisition, what amounts are eliminated when preparing that statement? b. What amount of noncontrolling interest appears in the consolidated balance sheet? $