On January 1, 20X8, Greg Corporation acquired 90 percent of Nova Company's voting stock, at underlying book value. The fair value of Nova's stock was equal to its books value. Greg uses the equity method in accounting for its ownership of Nova. The income statement of Gregory and Nova for the year 20X8 are given below: Sales Revenue Total Revenue Less: Expenses Net Income $100,000 $329,000 $97,000 Greg Corp $109,000 200,000 200,000 -130,000 70,000 Nova Corp 120,000 Nova paid a dividend of $10,000 for the year 20X8. What amount will be reported by Gregory as the controlling net income in the consolidated income statement? 120,000 - 90,000 30,000

On January 1, 20X8, Greg Corporation acquired 90 percent of Nova Company's voting stock, at underlying book value. The fair value of Nova's stock was equal to its books value. Greg uses the equity method in accounting for its ownership of Nova. The income statement of Gregory and Nova for the year 20X8 are given below: Sales Revenue Total Revenue Less: Expenses Net Income $100,000 $329,000 $97,000 Greg Corp $109,000 200,000 200,000 -130,000 70,000 Nova Corp 120,000 Nova paid a dividend of $10,000 for the year 20X8. What amount will be reported by Gregory as the controlling net income in the consolidated income statement? 120,000 - 90,000 30,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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