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Pizza Corporation acquired 75 percent of Slice Corporation's voting common stock on January 1, 20x4, for $353,000, when the fair value of its net identifiable
Pizza Corporation acquired 75 percent of Slice Corporation's voting common stock on January 1, 20x4, for $353,000, when the fair value of its net identifiable assets was $464.000 and the fair value of the noncontroling interest was $11,000. Stice reported common stock outstanding of $110,000 and retained earnings of $210,000. The excess of fair value over book value of Slice's net assets was attributed to amortizable assets with a remaining life of 10 years. On December 31,204, Slice sold a building to Pizza and recorded a gain of $25,000. Income assigned to the noncontrolling shareholders in the 204 consolidated incorne statement was $18,000 Required: a. Compute the amount of net income Stice reported for 204 b. Compute the amount reported as consolidated net income if Pizza reparted operating income of $244,000 for 204 c. Compute the amount of income assigned to the controlling interest in the 204 consolidated income statement
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