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Player Company acquired 6 0 percent ownership of Scout Company s voting shares on January 1 , 2 0 X 2 . During 2 0
Player Company acquired percent ownership of Scout Companys voting shares on January X During X Player purchased inventory for $ and sold the full amount to Scout Company for $ On December X Scouts ending inventory included $ of items purchased from Player. Also in X Scout purchased inventory for $ and sold the units to Player for $ Player included $ of its purchase from Scout in ending inventory on December X
Summary income statement data for the two companies revealed the following:
Player Company Scout Company
Sales $ $
Income from Scout
$ $
Cost of Goods Sold $ $
Other Expenses
Total Expenses $ $
Net Income $ $
Required:
Compute the amount to be reported as sales in the X consolidated income statement.
Compute the amount to be reported as cost of goods sold in the X consolidated income statement.
Note: Do not round intermediate calculations.
What amount of income will be assigned to the noncontrolling shareholders in the X consolidated income statement?
Note: Do not round intermediate calculations.
What amount of income will be assigned to the controlling interest in the X consolidated income statement?
Note: Do not round intermediate calculations.
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