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LaFevor Co. acquired 70% of the common stock of Dean Corp. on August 1, 2022. For 2022, Dean reported revenues of $960,000 and expenses of $780,000, all reflected evenly throughout the year. The annual amount of amortization related to this acquisition was $21,000. What is the effect of including Dean in consolidated net income for 2022? Multiple Choice $75,000. $66,250. $159,000. $126,000. $8,750.

LaFevor Co. acquired 70% of the common stock of Dean Corp. on August 1, 2022. For 2022, Dean reported revenues of $960,000 and expenses of $780,000, all reflected evenly throughout the year. The annual amount of amortization related to this acquisition was $21,000. What is the effect of including Dean in consolidated net income for 2022? Multiple Choice $75,000. $66,250. $159,000. $126,000. $8,750.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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LaFevor Co. acquired 70% of the common stock of Dean Corp. on August 1, 2022. For 2022, Dean reported revenues of $960,000 and expenses of $780,000, all reflected evenly throughout the year. The annual amount of amortization related to this acquisition was $21,000. What is the effect of including Dean in consolidated net income for 2022? Multiple Choice $75,000. $66,250. $159,000. $126,000. $8,750.
Transcribed Image Text:LaFevor Co. acquired 70% of the common stock of Dean Corp. on August 1, 2022. For 2022, Dean reported revenues of $960,000 and expenses of $780,000, all reflected evenly throughout the year. The annual amount of amortization related to this acquisition was $21,000. What is the effect of including Dean in consolidated net income for 2022? Multiple Choice $75,000. $66,250. $159,000. $126,000. $8,750.
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