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Category > Accounting Posted 20 Jun 2017 My Price 6.00

Hodge Co. bought 60% of the common stock

Hodge Co. bought 60% of the common stock of Bison Co. on 01/01/2017. On that date, there was an intercompany sale of equipment at a gain of $63K. The equipment had an estimated remaining life of 6 years.  Net incomes of the two companies from their own operations (including sales to affiliates) were as follows:

2017 2018

Hodge Company $280K $210K

Bison Company $70K $105K

 

A) If Bison Company sold the equipment to Hodge Company, fill in the following matrix:

2017 2018

Noncontrolling interest in consolidated net income

Controlling interest in consolidated net income

 

B) If Hodge Company sold the equipment to Bison Company, fill in the following matrix:

2017 2018

Noncontrolling interest in consolidated net income

Controlling interest in consolidated net income

Answers

SuperTutor
(15)
Status NEW Posted 20 Jun 2017 05:06 AM My Price 6.00

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