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Following is the organizational structure of the Parsley Group of Companies (percentages indicate each company's ownership of the subsidiary): Parsley Corporation 70% 90% Sage Ltd.
Following is the organizational structure of the Parsley Group of Companies (percentages indicate each company's ownership of the subsidiary): Parsley Corporation 70% 90% Sage Ltd. Salt Ltd. 60% 65% Saffron Inc. Sugar Ltd. 80% Sesame Corp. For the fiscal year ended December 31, 2020, each company reported the following net incomes: Parsley Corporation Sage Ltd. Salt Ltd. $1,500,000 900,000 650,000 500,000 300,000 150,000 Sugar Ltd. Saffron Inc. Sesame Corp. REQUIRED: Assuming there were no intercompany transactions during the year, calculate the total net income attributable to Parsley for the fiscal year ended December 31, 2020. (6 Marks)
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