19. Company P acquired 90% of the shares of Company S on Jan 1, 20 On Dec 31, 20X1, the incomplete income statement of P and S is given below. Consolidated Statements P Co. S Co. Income Statement Sales 800,000 250,000 Less: COGS -200,000 -125,000 Less: Dep Exp -50,000 -10,000 Less: Other Exp Income from S Co. -225,000 -40,000 Net Income What amount of controlling income will be reported in the consolidated income statement? $67,500 O $325,000 $392,500 O $400.000

19. Company P acquired 90% of the shares of Company S on Jan 1, 20 On Dec 31, 20X1, the incomplete income statement of P and S is given below. Consolidated Statements P Co. S Co. Income Statement Sales 800,000 250,000 Less: COGS -200,000 -125,000 Less: Dep Exp -50,000 -10,000 Less: Other Exp Income from S Co. -225,000 -40,000 Net Income What amount of controlling income will be reported in the consolidated income statement? $67,500 O $325,000 $392,500 O $400.000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 6MCQ: Ames Corporation repurchases 10,000 shares of its common stock for $12 per share. The shares were...

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Ames Corporation repurchases 10,000 shares of its common stock for $12 per share. The shares were originally issued at an average price of $10 per share. Later it resells 6,000 of the shares for $15 per share and the remaining 4,000 shares for $17 per share. How much gain or loss should Ames report on its income statement as a result of these transactions? $38.000 gain $0 $20,000 loss $20,000 loss and $38,000 gain
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