Income information for 2019 taken from the separate company financial statements of Marinette corporation and its 75% old subsidiary Adrian corporation is presented as follows Marinette Adrian Sales 1,000,000 460,0000 Gain on sale of Building 20,000 Dividend Income 75,000 Cost of Goods Sold -500,000 -260,000 Depreciation Expense -100,000 -60,000 Other Expense -200,000 -40,000 Net Income 295,000 100,000 Marinette gain on sale of building relates to a building with a book value of 40,000 and a 10 year remaining useful life that was sold to Adrian for 60,000 of January 1,2019. The profit attributable to equity holders of parent or CNA contributable controlling interest for 2019 should be: a.295,000 b. 277,000 c. 275,000 d. 220,000
Income information for 2019 taken from the separate company financial statements of Marinette corporation and its 75% old subsidiary Adrian corporation is presented as follows Marinette Adrian Sales 1,000,000 460,0000 Gain on sale of Building 20,000 Dividend Income 75,000 Cost of Goods Sold -500,000 -260,000 Depreciation Expense -100,000 -60,000 Other Expense -200,000 -40,000 Net Income 295,000 100,000 Marinette gain on sale of building relates to a building with a book value of 40,000 and a 10 year remaining useful life that was sold to Adrian for 60,000 of January 1,2019. The profit attributable to equity holders of parent or CNA contributable controlling interest for 2019 should be: a.295,000 b. 277,000 c. 275,000 d. 220,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2P
Related questions
Question
Income information for 2019 taken from the separate company financial statements of Marinette corporation and its 75% old subsidiary Adrian corporation is presented as follows
| Marinette | Adrian | |
| Sales | 1,000,000 | 460,0000 |
| Gain on sale of Building | 20,000 | |
| Dividend Income | 75,000 | |
| Cost of Goods Sold | -500,000 | -260,000 |
| -100,000 | -60,000 | |
| Other Expense | -200,000 | -40,000 |
| Net Income | 295,000 | 100,000 |
Marinette gain on sale of building relates to a building with a book value of 40,000 and a 10 year remaining useful life that was sold to Adrian for 60,000 of January 1,2019.
The profit attributable to equity holders of parent or CNA contributable controlling interest for 2019 should be:
a.295,000 b. 277,000 c. 275,000 d. 220,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning