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Based on the preceding information, what is the amount of comprehensive attributable to the controlling interest in 2018?

Based on the preceding information, what is the amount of comprehensive attributable to the controlling interest in 2018?

FINANCIAL ACCOUNTING
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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On January 1, 2017, Bright Company acquired 80% of Animo Company's common stock for 280,000 cash. At that date, Animo reported common stock outstanding of 200,000 and retained earnings of 100,000 and the fair Animo's assets and liabilities were equal, except for other intangible assets, which has a fair value 50,000 greater than book value and an 8- year remaining life. Animo reported the following data for 2017 and 2018. Comprehensive Income 30,000 45,000 Year Net Income Dividends Paid 2017 25,000 5,000 10,000 2018 35,000 Bright reported separate net income from own operations of 100,000 and paid dividends of 30,000 for both years. Based on the preceding information, what is the amount of comprehensive attributable to the controlling interest in 2018?
Transcribed Image Text:On January 1, 2017, Bright Company acquired 80% of Animo Company's common stock for 280,000 cash. At that date, Animo reported common stock outstanding of 200,000 and retained earnings of 100,000 and the fair Animo's assets and liabilities were equal, except for other intangible assets, which has a fair value 50,000 greater than book value and an 8- year remaining life. Animo reported the following data for 2017 and 2018. Comprehensive Income 30,000 45,000 Year Net Income Dividends Paid 2017 25,000 5,000 10,000 2018 35,000 Bright reported separate net income from own operations of 100,000 and paid dividends of 30,000 for both years. Based on the preceding information, what is the amount of comprehensive attributable to the controlling interest in 2018?
Company A has a subsidiary, which is accounted for in its separate financial statements using the cost method. At the end of 2016, Company A reports net income of P200,000 in its separate financial statements. Share in net income of subsidiary Cash dividends paid by subsidiary and received by Company A 40,000 35,000 Increase in fair value of investment 120,000 Assuming it has no other subsidiaries and other transactions affecting the net income at a consolidated level, compute the net income of Company A at a consolidate level given the following additional information.
Transcribed Image Text:Company A has a subsidiary, which is accounted for in its separate financial statements using the cost method. At the end of 2016, Company A reports net income of P200,000 in its separate financial statements. Share in net income of subsidiary Cash dividends paid by subsidiary and received by Company A 40,000 35,000 Increase in fair value of investment 120,000 Assuming it has no other subsidiaries and other transactions affecting the net income at a consolidated level, compute the net income of Company A at a consolidate level given the following additional information.
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