Scott Company paid $2.800,000 to acquire all of the common stock of Dawn Corporation on January 1, 2023. Dawn's mported eanings for 2023 totaled $512.000 and it$160,000 in dividends during the year. The amortization of allocations related to the investment was $28.000. Scott's net income not including the investment, was $3.310.000and it paid dividends of $950,000.What is the amount of consolidated net income for the year 2023?O $3,150.000O $3.282.000O $3.310.000O $3,794,000O $3.822.000

In the preparation of consolidated financial statements, all inter-company (within the group)…

Scott Company paid $2.800.000 to acquire all of the common stock of Dawn Corporation on January 1, 2023 Dawn's ported eanings for 2023 stand $512.000 and $160.000 in dividends during the year. The ame and it paid dividends of $950.000 What is the amount of consolidated net income for the year 2003? O $3,150.000 O $3.282.000 O $3.310.000 O $3.794.000 O 13.822.000

Scott Company paid $2.800.000 to acquire all of the common stock of Dawn Corporation on January 1, 2023 Dawn's ported eanings for 2023 stand $512.000 and $160.000 in dividends during the year. The ame and it paid dividends of $950.000 What is the amount of consolidated net income for the year 2003? O $3,150.000 O $3.282.000 O $3.310.000 O $3.794.000 O 13.822.000

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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On 1/1/2022, P Co acquired 90% of S Co stock at an amount equal to its book value.Selected balance sheet data at 1/1/ 2022, are as follows: P CO S Co Total Assets 180,000 Liabilities 60,000 Common Stock 50,000 Select one: Retained Earnings 200,000 70,000 O 420,000 In the 1/1/2022, consolidated balance sheet, what amount should be reported as non-controlling interest in net assets? a. 12,000 b. 10,500 120,000 c. 0 d. 30,000 100,000
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M.T. Glass, Inc. purchased the following investments onJanuary 1, 2028:1. 21,000 shares (representing 42%) of AA Company stockfor $546,0002. 18,000 shares (representing 9%) of ZZ Company stockfor $306,000AA Company and ZZ Company reported the following informationfor the years 2028 and 2029:2028: AA Company ZZ CompanyNet income $140,000 $225,000Total dividends paid $ 78,000 $ 53,000Market value at Dec 31 $33 per share $22 per share2029: AA Company ZZ CompanyNet income $210,000 $280,000Total dividends paid $ 90,000 $125,000Market value at Dec 31 $35 per share $23 per shareCalculate the total investments shown in M.T. Glass, Inc.'sDecember 31, 2028 balance sheet (i.e., the balance in theInvestment in AA Company plus the balance in the Investmentin ZZ Company).