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

Other questions on the subject: Business

Business, 21.06.2019 19:40, jonathanvega424

Your mother's well-diversified portfolio has an expected return of 12.0% and a beta of 1.20. she is in the process of buying 100 shares of safety corp. at $10 a share and adding it to her portfolio. safety has an expected return of 15.0% and a beta of 2.00. the total value of your current portfolio is $9,000. what will the expected return and beta on the portfolio be after the purchase of the safety stock?

Answers: 3

continue

Business, 21.06.2019 20:00, krutikov686

Which is not an example of a cyclical company? a) airlines b) hotel industry c) medical d) theme parks

Answers: 1

continue

Business, 22.06.2019 09:40, ameliaduxha7

You plan to invest some money in a bank account. which of the following banks provides you with the highest effective rate of interest? hint: perhaps this problem requires some calculations. bank 1; 6.1% with annual compounding. bank 2; 6.0% with monthly compounding. bank 3; 6.0% with annual compounding. bank 4; 6.0% with quarterly compounding. bank 5; 6.0% with daily (365-day) compounding.

Answers: 3

continue

Business, 22.06.2019 20:00, mooneyhope24

Experienced problem solvers always consider both the value and units of their answer to a problem. why?

Answers: 3

continue

You know the right answer?

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