Please show all calculation And Do not Give Solution In image format Otherwise Give Down Vote Portland Inc. (Portland) owns 80% of Seattle Inc. (Seattle) and uses the cost method to account for itsinvestment. The 2023 income statements of both companies are shown below.Portland$100,000(30,000)(20,000)(20,000$30,000Gross profitMiscellaneous revenues (losses)Depreciation expenseIncome tax expenseNet IncomeSeattle$50,000(20,000)(15,000)(6,000)$9,000On January 1, 2023, Seattle acquired equipment for $7,000 and sold it the same day to Portland for$12,000. The equipment had a remaining useful life of 10 years on that date. Both companies are subjectto an effective tax rate of 40%.Which of the following is the correct amount of consolidated net income attributable to the shareholdersof Portland (i.e., the controlling interest) in Portland's 2023 consolidated income statement?Multiple Choice$35,040$35,832$36,300$39,360

Financial statements of different organizations that are combined to appear as though they are one…

Portland Inc. (Portland) owns 80% of Seattle Inc. (Seattle) and uses the cost method to account for its investment. The 2023 income statements of both companies are shown below. Portland $100,000 (30,000) (20,000) (20,000 $30,000 Gross profit Miscellaneous revenues (losses) Depreciation expense Income tax expense Net Income Seattle $50,000 (20,000) (15,000) (6,000) $9,000

Portland Inc. (Portland) owns 80% of Seattle Inc. (Seattle) and uses the cost method to account for its investment. The 2023 income statements of both companies are shown below. Portland $100,000 (30,000) (20,000) (20,000 $30,000 Gross profit Miscellaneous revenues (losses) Depreciation expense Income tax expense Net Income Seattle $50,000 (20,000) (15,000) (6,000) $9,000

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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