Package Corporation acquired 90 percent ownership of Sack Grain Company on January 1, 20X4, for $118,800 when the fair value of Sack's net assets was $13,000 higher than its $119,000 book value. The increase in value was attributed to amortizable assets with a remaining life of 10 years. At that date, the fair value of the noncontrolling interest was equal to $13,200. During 20X4, Sack sold land to Package at a $6,000 profit. Sack Grain reported net income of $20,000 and paid dividends of $4,700 in 20X4. Package reported income, exclusive of its income from Sack Grain, of $38,000 and paid dividends of $15,000 in 20x4. Required: a. Compute the amount of income assigned to the controlling interest in the consolidated income statement for 20X4. Controlling interest $ 49,430 b. By what amount will the 20X4 income assigned to the controlling interest increase or decrease if the sale of land had been from Package to Sack Grain, the gain on the sale of land had been included in Package's $38,000 income, and the $20,000 was income from operations of Sack Grain? Reported income will decrease by 48.830

Package Corporation acquired 90 percent ownership of Sack Grain Company on January 1, 20X4, for $118,800 when the fair value of Sack's net assets was $13,000 higher than its $119,000 book value. The increase in value was attributed to amortizable assets with a remaining life of 10 years. At that date, the fair value of the noncontrolling interest was equal to $13,200. During 20X4, Sack sold land to Package at a $6,000 profit. Sack Grain reported net income of $20,000 and paid dividends of $4,700 in 20X4. Package reported income, exclusive of its income from Sack Grain, of $38,000 and paid dividends of $15,000 in 20x4. Required: a. Compute the amount of income assigned to the controlling interest in the consolidated income statement for 20X4. Controlling interest $ 49,430 b. By what amount will the 20X4 income assigned to the controlling interest increase or decrease if the sale of land had been from Package to Sack Grain, the gain on the sale of land had been included in Package's $38,000 income, and the $20,000 was income from operations of Sack Grain? Reported income will decrease by 48.830

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
All blanks need to be filled please and thank you, it's incomplete as of now.
Can you send another picture or write it down cuz i dont understand
Assume a world that meets all assumptions of the portfolio theory. In this world we solely trade in securities A and B like depicted in the graph below. Short selling is allowed. xA and XB indicate the proportions of security A and B within a portfolio respectively. P1, P2, P3 and P4 represent portfolios that can be created by trading (either long and/or short) in securhies A and B. P3 is the portfolio with the lowest risk; the risk of P3 is 0%. The risk of security A and B is measured by the standard deviation of the returns in the particular security and equals 20% for both. The correlation coefficient of the returns between A and B is -1. 40% P1 E(R) A 30% P2 20% P3 10% P4 ++ 30% 0% 10% 20% 40% O(R) Question: Indicate which statements are correct. Take into account that everything is possible, from all correct to all wrong.
This question has not been submitted previously. Thank you
help please, the answers I put are not correct
Hello i have attached two pictures. They are both used together to answer the question. The first picture is the information to use too answer the question. The second attachment is the for the answer. I hope it is understandable and whoever answer this can please explain how they got the answers. I need the help. I have marked a yellow x on what i have done already. I DO NOT NEED HELP WITH WHAT IS CROSSED IN YELLOW (PARTS 1-3) I NEED PARTS 4-6. THIS IS IS IS THE ANSWER TO PARTS 1-3 Analysis and Calculation: 1) Gold Medal Athletic Co., Sales Budget: For the month ended March: Product Sales Volume Sale Price per unit Sales, $ Batting helmet 1,200 units $40 $ 48,000 Football helmet 6,500 units $160 $1,040,000 Total revenue from sales $ 1,088,000 2) Production Budget: Batting Football Helmet Helmet Expected units to be sold 1,200 6,500 Add: desired Ending inventory 50 220 Total 1,250 6,720 Less: Beginning estimated inventory 40 240 Total…
Write me a human paragraph without using Al about what a memorandoms of understanding is and how it is used
It says they answers are wrong from your example.