Paul, Inc. owns 75% of the voting stock of Booker Corp., and the two companies are consolidated in presentation. For 2024, the companies report the following: Paul Net income $4,350,000 Dividends declared $300,000 and paid Booker $587,000 $80,000 (*-Paul's income includes only its own income, and not its fractional share of Booker's income.) What amount will be reported as "Consolidated net income"?

Paul, Inc. owns 75% of the voting stock of Booker Corp., and the two companies are consolidated in presentation. For 2024, the companies report the following: Paul Net income $4,350,000 Dividends declared $300,000 and paid Booker $587,000 $80,000 (*-Paul's income includes only its own income, and not its fractional share of Booker's income.) What amount will be reported as "Consolidated net income"?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 23CE

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