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. Year Net Income Comprehensive Income 30,000 45,000 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?
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. Year Net Income Comprehensive Income 30,000 45,000 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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Bright-Animo
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.
Year
Net Income
Comprehensive Income
30,000
45,000
Dividends Paid
2017
2018
25,000
35,000
5,000
10,000
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?
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