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On the date that Corner acquired its interest in Brook, there was no acquisition differential and the carrying amounts of Brook's net issets were equal
On the date that Corner acquired its interest in Brook, there was no acquisition differential and the carrying amounts of Brook's net issets were equal to fair values. During Year 4, Corner reported a net loss of $60,000, while Brook reported a net income of $140,000. No dividends were declared by either company during Year 4 . Corner uses the cost method to account for its investment. Required: Compute the following: a) The percentage of Brook's shares owned by Corner Percentage of Brook's shares owned by Corner % b) Consolidated net income attributable to Corner's shareholders for Year 4 (Omit \$ sign in your response.) Consolidated net income attributable to Corner's shareholders - Year 4 0) Consolidated net income attributable to Corner's shareholders for Year 4 (Omit $ sign in your response.) onsolidated net income attributable to Corner's shareholders - Year 4 $ Corner's December 31, Year 3, retained earnings if it had used the equity method to account for its investment (Omit $ sign in your esponse.) orner's retained earnings Dec. 31, Year 3 (equity) $ d) The retained earnings of Brook on the date that Corner acquired its interest in Brook (Omit $ sign in your response.) etained earnings - Brook - date of acquisition $
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