On January 1, 20x8, Bristol Company acquired 80 percent of Animation Company's common stock for $280,000 cash. At that date, Animation 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 Animation'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. Animation reported the following data for 20x8 and 20x9: Year Comprehensive Income Dividends Paid 20x8 $30,000 $5,000 20x9 $45,000 $10,000 Bristol reported net income of $100,000 and paid dividends of $30,000 for both the years. 1. Based on the preceding information, what is the amount of consolidated comprehensive income reported for 20x8? 2. What is the amount of consolidated comprehensive income reported for 20x9? 3. What is the amount of comprehensive income attributable to the controlling interest for 20x8?
On January 1, 20x8, Bristol Company acquired 80 percent of Animation Company's common stock for $280,000 cash. At that date, Animation reported common stock outstanding of $200,000 and
Year Comprehensive Income Dividends Paid
20x8 $30,000 $5,000
20x9 $45,000 $10,000
Bristol reported net income of $100,000 and paid dividends of $30,000 for both the years.
1. Based on the preceding information, what is the amount of consolidated comprehensive income reported for 20x8?
2. What is the amount of consolidated comprehensive income reported for 20x9?
3. What is the amount of comprehensive income attributable to the controlling interest for 20x8?
4. What is the amount of comprehensive income attributable to the controlling interest for 20x9?
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