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Category > Accounting Posted 14 May 2017 My Price 5.00

Redfield Company reports current earnings of $420,000

Redfield Company reports current earnings of $420,000 while declaring $52,000 in cash dividends. Snedeker Company earns $147,000 in net income and declares $13,000 in dividends. Redfield has held a 70 percent interest in Snedeker for several years, an investment with an acquisition-date excess fair over book value attributable solely to goodwill. Redfield uses the initial value method to account for these shares. On January 1 of the current year, Snedeker acquired in the open market $51,600 of Redfield’s 8 percent bonds. The bonds had originally been issued several years ago at 92, reflecting a 10 percent effective interest rate. On the date of purchase, the book value of the bonds payable was $50,400. Snedeker paid $49,200 based on a 12 percent effective interest rate over the remaining life of the bonds. What is the noncontrolling interest’s share of consolidated net income?

 

 

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Alpha Geek
(8)
Status NEW Posted 14 May 2017 05:05 PM My Price 5.00

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file 1494783235-Answer.docx preview (186 words )
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