Avrill Company is a subsidiary company which 90 percent of ownership is owned by BrightCompany, was acquired by Bright Company several years ago when book value equals fairvalue. In 2015 and 2016, Avril Company and Bright Company report as follows:20152016$300,000,000$400,000,000Bright Company's separateincomeAvril Company's net profit$80,000,000$60,000,000The only intercompany transaction between Bright Company and Avril Company during 2015and 2016 was the sale of land on January 1, 2015. The land has a book value of $20,000,000and was sold intercompany for $30,000,000, fair value at the time of sale.1. It is assumed that the land was sold by Bright Company to Avril Company and PT Saman stillowns the land as of December 31, 2016a. Calculate consolidated net income for 2015 and 2016b. calculate minority interest income in 2015 and 20162. It is assumed that the land was sold by Avril Company to Bright Company and BrightCompany still owns the land as of December 31, 2016.a. Calculate consolidated net income for 2015 and 2016b. Calculate minority interest income in 2015 and 2016

Given in the question: 2015 2016 Bright Company's Separate Income 300000000…

1. It is assumed that the land was sold by Bright Company to Avrill Company and PT Saman still owns the land as of December 31, 2016 a. Calculate consolidated net income for 2015 and 2016 b. calculate minority interest income in 2015 and 2016 2. It is assumed that the land was sold by Avril Company to Bright Company and Bright Company still owns the land as of December 31, 2016. a. Calculate consolidated net income for 2015 and 2016 b. Calculate minority interest income in 2015 and 2016

1. It is assumed that the land was sold by Bright Company to Avrill Company and PT Saman still owns the land as of December 31, 2016 a. Calculate consolidated net income for 2015 and 2016 b. calculate minority interest income in 2015 and 2016 2. It is assumed that the land was sold by Avril Company to Bright Company and Bright Company still owns the land as of December 31, 2016. a. Calculate consolidated net income for 2015 and 2016 b. Calculate minority interest income in 2015 and 2016

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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