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please answer a,b,c Pizza Corporation acquired 75 percent of Slice Corporation's voting common stock on January 1, 20X4, for $346,000, when the fair value of
please answer a,b,c
Pizza Corporation acquired 75 percent of Slice Corporation's voting common stock on January 1, 20X4, for $346,000, when the fair value of its net identifiable assets was $468,000 and the fair value of the noncontrolling interest was $122,000. Slice reported common stock outstanding of $110,000 and retained earnings of $250,000. 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, 20X4, Slice sold a building to Pizza and recorded a gain of $28,000. Income assigned to the noncontrolling shareholders in the 20x4 consolidated income statement was $17,700. Required: a. Compute the amount of net income Slice reported for 20X4. Reported income of Slice b. Compute the amount reported as consolidated net income if Pizza reported operating income of $237,000 for 20X4. Consolidated net income C. Compute the amount of income assigned to the controlling interest in the 20X4 consolidated income statement. Required: a. Compute the amount of net income Slice reported for 20X4. Reported income of Slice b. Compute the amount reported as consolidated net income if Pizza reported operating income of $237,000 for 20X4. Consolidated net income C. Compute the amount of income assigned to the controlling interest in the 20X4 consolidated income statement. Income assigned to controlling interestStep by Step Solution
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