2.) On January 3, 2019 Abracada acquired 90% of Deli Co. at book value. The following information is available: 20202019Ending inventory60,00040,000Intercompany Cost of Goods sold120,000120,000Downstream sale240,000200,000Net income - Deli Co.450,000400,000Net income - Abracada Co.1,100,0001,000,000What is the profit attributable to equity holders of parent or Controlling Interest in Net Income for 2020?

Parent company - A parent company is a company which has controlling or substantial interest or…

Answered: 2.) On January 3, 2019 Abracada…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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2.) On January 3, 2019 Abracada acquired 90% of Deli Co. at book value. The following information is available:

	2020	2019
Ending inventory	60,000	40,000
Intercompany Cost of Goods sold	120,000	120,000
Downstream sale	240,000	200,000
Net income - Deli Co.	450,000	400,000
Net income - Abracada Co.	1,100,000	1,000,000

What is the profit attributable to equity holders of parent or Controlling Interest in Net Income for 2020?

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