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MUST HAVE STEP BY STEP ANSWER. THANK YOU. (TCO 3) Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2009 and
MUST HAVE STEP BY STEP ANSWER. THANK YOU. (TCO 3) Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2009 and an additional 10% on April 1, 2010. Total annual amortization of $6,000 relates to the first acquisition. George reports the following figures for 2010: Revenues $500,000 Expenses $400,000 Retained Earnings 1/1/10 $300,000 Dividends Paid $50,000 Common Stock 200,000 Without regard for this investment, Keefe earns $300,000 in net income during 2010. All net income is earned evenly throughout the year. What is the controlling interest in consolidated net income for 2010? Must have STEP BY STEP
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