Business, 24.04.2020 20:56 clairajogriggsk

On January 1, 20X8, Package Company acquired 80 percent of Stamp Company's common stock for $280,000 cash. At that date, Stamp reported common stock outstanding of $200,000 and retained earnings of $100,000, and the fair value of the noncontrolling interest was $70,000. The book values and fair values of Stamp's assets and liabilities were equal, except for other intangible assets which had a fair value $50,000 greater than book value and an 8-year remaining life. Stamp reported the following data for 20X8 and 20X9:

Stamp Corporation
Year Net Income Comprehensive Income Dividends Paid

20X8 $25,000 $30,000 $5,000
20X9 35,000 45,000 10,000

Package reported net income of $100,000 and paid dividends of $30,000 for both the years.

Based on the preceding information, what is the amount of consolidated comprehensive income reported for 20X8?

a. $125,000
b. $123,750
c. $118,750
d. $130,000

Based on the preceding information, what is the amount of consolidated comprehensive income reported for 20X9?

a. $145,000
b. $135,000
c. $138,750
d. $128,750

Based on the preceding information, what is the amount of comprehensive income attributable to the controlling interest for 20X8?

a. $123,750
b. $118,750
c. $119,000
d. $104,000

Based on the preceding information, what is the amount of comprehensive income attributable to the controlling interest for 20X9?

a. $138,750
b. $131,000
c. $128,750
d. $135,000

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 06:30

Ummit record company is negotiating with two banks for a $157,000 loan. fidelity bank requires a compensating balance of 24 percent, discounts the loan, and wants to be paid back in four quarterly payments. southwest bank requires a compensating balance of 12 percent, does not discount the loan, but wants to be paid back in 12 monthly installments. the stated rate for both banks is 9 percent. compensating balances will be subtracted from the $157,000 in determining the available funds in part a. a-1. calculate the effective interest rate for fidelity bank and southwest bank. (do not round intermediate calculations. input your answers as a percent rounded to 2 decimal places.) a-2. which loan should summit accept? southwest bank fidelity bank b. recompute the effective cost of interest, assuming that summit ordinarily maintains $37,680 at each bank in deposits that will serve as compensating balances

Answers: 1

Answer

Business, 22.06.2019 11:00

Aprofessional does specialized work that's primarily: degree based. medical or legal. well paying. intellectual and creative

Answers: 2

Answer

Business, 22.06.2019 11:40

In early january, burger mania acquired 100% of the common stock of the crispy taco restaurant chain. the purchase price allocation included the following items: $4 million, patent; $3 million, trademark considered to have an indefinite useful life; and $5 million, goodwill. burger mania's policy is to amortize intangible assets with finite useful lives using the straight-line method, no residual value, and a five-year service life. what is the total amount of amortization expense that would appear in burger mania's income statement for the first year ended december 31 related to these items?

Answers: 2

Answer

Business, 22.06.2019 15:00

Ineed this asap miguel's boss asks him to distribute information to the entire staff about a mandatory meeting. in 1–2 sentences, describe what miguel should do.

Answers: 1

Answer

You know the right answer?

On January 1, 20X8, Package Company acquired 80 percent of Stamp Company's common stock for $280,000...

Questions