Time left 1:53:47 Question 23 Not yet answered Marked out of 1.00 Flag question Pino Corporation owned a 100% interest in a subsidiary, Sino Company, which was accounted for by the equity method, During 2020, Sino net income $243,000. Sino declared and paid a $80,000 dividend during Year 2020. There were no differences between the current fair values and carrying amounts of Sino's identifiable net assets on the date of the business combination, and there was no goodwill in the business combination the consolidated net income of Pino Corporation and Sino for 2020 $ 743,000. the consolidated net income of the parent and it's subsidiary for 2020 is: a. $ 500,000 O b. $ 533,000 O c. $ 560,000 O d. $ 743,000. Previous page Next page Time left 1:53:32 Question 24 Not yet answered Sky Company, the 70%-owned subsidiary of Pulling Corporation had a net income of $160,000 and declared dividends of $60,000 during the fiscal year ended February 28, 2021. Fiscal Year 2021 depreciation and amortization of differences between current fair values and carrying amounts of Sky's identifiable net assets on the date of the business combination was $30,000; and Fiscal Year 2021 impairment of goodwill recognized in the Pulling-Sky business combination was $1,000. The parent interest in net income of Sky for Fiscal Year 2006 was: Marked out of 1.00 Flag question O a. 548,000 O b. $39,700 O c $39,000 O d. $91,000 Previous page Next page Time left 1:53:47 Question 23 Not yet answered Marked out of 1.00 Flag question Pino Corporation owned a 100% interest in a subsidiary, Sino Company, which was accounted for by the equity method, During 2020, Sino net income $243,000. Sino declared and paid a $80,000 dividend during Year 2020. There were no differences between the current fair values and carrying amounts of Sino's identifiable net assets on the date of the business combination, and there was no goodwill in the business combination the consolidated net income of Pino Corporation and Sino for 2020 $ 743,000. the consolidated net income of the parent and it's subsidiary for 2020 is: a. $ 500,000 O b. $ 533,000 O c. $ 560,000 O d. $ 743,000. Previous page Next page Time left 1:53:32 Question 24 Not yet answered Sky Company, the 70%-owned subsidiary of Pulling Corporation had a net income of $160,000 and declared dividends of $60,000 during the fiscal year ended February 28, 2021. Fiscal Year 2021 depreciation and amortization of differences between current fair values and carrying amounts of Sky's identifiable net assets on the date of the business combination was $30,000; and Fiscal Year 2021 impairment of goodwill recognized in the Pulling-Sky business combination was $1,000. The parent interest in net income of Sky for Fiscal Year 2006 was: Marked out of 1.00 Flag question O a. 548,000 O b. $39,700 O c $39,000 O d. $91,000 Previous page Next page
