please answer without image with detailed working On January 1, 20X1, Peace, Inc., acquired 70 percent of Silver'soutstanding voting stock. At that date, $74,000 of the acquisition-date fair value was assigned to unrecorded contracts (with a 10-yearlife).In 20X1, Silver sold inventory costing $21,700 to Peace for $31,000.Of this merchandise, Peace continued to hold $5,000 at year-end.During 20X2, Silver transferred inventory costing $21,600 to Peacefor $36,000. Peace still held half of these items at year-end. Silverreported $84,000 of net income for year 20X2. The amount of netincome attributable to the noncontrolling interest for 20X2 would be:

Consolidation is an activity in which financial statements of a parent and its subsidiary should be…

On January 1, 20X1, Peace, Inc., acquired 70 percent of Silver's outstanding voting stock. At that date, $74,000 of the acquisition- date fair value was assigned to unrecorded contracts (with a 10-year life).

On January 1, 20X1, Peace, Inc., acquired 70 percent of Silver's outstanding voting stock. At that date, $74,000 of the acquisition- date fair value was assigned to unrecorded contracts (with a 10-year life).

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter8: Consolidated Tax Returns

Section: Chapter Questions

Problem 36P

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