Pino Corporation owned a 90% interest in a subsidiary, Sino Company, which was accounted for by the equity method, During 2020, Pino share in Sino net income $243,000. Sino declared and paid a $80,000 dividend during Year 2020. There were no differences between the current fair values and carrying amounts of Sino's identifiable net assets on the date of the business combination, and there was no goodwill in the business combination. the consolidated

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Pino Corporation owned a 90% interest in a
subsidiary, Sino Company, which was
accounted for by the equity method, During
2020, Pino share in Sino net income
$243,000. Sino declared and paid a $80,000
dividend during Year 2020. There were no
differences between the current fair values
and carrying amounts of Sino's identifiable
net assets on the date of the business
combination, and there was no goodwill in
the business combination. the consolidated
net income of Pino Corporation and Sino for
2020 $ 743,000. Pino income, exclusive of
intercompany investment income, for 2020 is:
а.
$ 743,000.
b.
$ 500,000.
С.
$ 533,000.
d.
$ 560,000.
Transcribed Image Text:Pino Corporation owned a 90% interest in a subsidiary, Sino Company, which was accounted for by the equity method, During 2020, Pino share in Sino net income $243,000. Sino declared and paid a $80,000 dividend during Year 2020. There were no differences between the current fair values and carrying amounts of Sino's identifiable net assets on the date of the business combination, and there was no goodwill in the business combination. the consolidated net income of Pino Corporation and Sino for 2020 $ 743,000. Pino income, exclusive of intercompany investment income, for 2020 is: а. $ 743,000. b. $ 500,000. С. $ 533,000. d. $ 560,000.
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