On January 1, 2009, Gold Rush Company acquires 80 percent ownership in California Corporation for $200,000. The fair value of the noncontrolling interest at that time is determined to be $50,000. It reports net assets with a book value of $200,000 and fair value of $230,000. Gold Rush Company reports net assets with a book value of $600,000 and a fair value of $650,000 at that time, excluding its investment in California. What will be the amount of goodwill that would be reported immediately after the combination under current accounting practice? A. $50,000 B. $30,000 C. $40,000 D. $20,000

Zeta Corporation and its subsidiary reported consolidated net income of $320,000 for the year ended December 31, 2008. Zeta owns 80 percent of the common shares of its subsidiary, acquired at book value. Noncontrolling interest was assigned income of $30,000 in the consolidated income statement for 2008. What is the amount of separate operating income reported by Zeta for the year?

A. $170,000 B. $150,000 C. $120,000 D. $200,000

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