Jans Inc. acquired all of the outstanding common stock of Tysk Corp. on January 1, 2011, for $372,000. Equipment with a ten-year life was undervalued on Tysk's financial records by $46,000. Tysk also owned an unrecorded customer list with an assessed fair value of $67,000 and an estimated remaining life of five years.
Tysk earned reported net income of $180,000 in 2011 and $216,000 in 2012. Dividends of $70,000 were paid in each of these two years. Selected account balances as of December 31, 2013, for the two companies follow.
Jans Tysk
Revenues $1,080,000 $840,000
Expenses 480,000 600,000
Investment income Not given 0
Retained earnings, 1/1/13 840,000 600,000
Dividends paid 132,000 70,000
If the partial equity method had been applied, what was 2013 consolidated net income? Give detailed calculation
A) $840,000.
B) $768,400.
C) $822,000.
D) $240,000.
E) $600,000.
Answers: 2
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Jans Inc. acquired all of the outstanding common stock of Tysk Corp. on January 1, 2011, for $372,00...
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