On January 1, 2020, Chamberlain Corporation pays $586,800 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $23,700 results from the acquisition. On December 31, 2021, Neville reports revenues of $506,000 and expenses of $348,000 and Chamberlain reports revenues of $828,000 and expenses of $497,000. The parent figures contain no income from the subsidiary. What is consolidated net income attributable to Chamberlain Corporation?
On January 1, 2020, Chamberlain Corporation pays $586,800 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $23,700 results from the acquisition. On December 31, 2021, Neville reports revenues of $506,000 and expenses of $348,000 and Chamberlain reports revenues of $828,000 and expenses of $497,000. The parent figures contain no income from the subsidiary. What is consolidated net income attributable to Chamberlain Corporation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2020, Chamberlain Corporation pays $586,800 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $23,700 results from the acquisition. On December 31, 2021, Neville reports revenues of $506,000 and expenses of $348,000 and Chamberlain reports revenues of $828,000 and expenses of $497,000. The parent figures contain no income from the subsidiary. What is consolidated net income attributable to Chamberlain Corporation?
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