Pine Company purchased a 60% interest in the Scent Company on January 1, 2016 for $360,000. On that date, the stockholders equity of Scent Company was $450,000. Any excess cost on 1/1/16 was attributable to goodwill. Pine purchased another 20% interest on January 1, 2019 for $200,000. On January 1, 2019, Scent Company's stockholders equity was $700,000 and it earned $50,000 evenly during 2016. Pine company had internally generated net income of $120,000 during 2016. t
Required:
1. Calculate the consolidated income for 2019 and the distribution of consolidated income to the noncontrolling and controlling interests.

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.