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How do you prepare a schedule of consolidated net income?
Question states: Co. A acquires 70% of Co. B on 9/1/10 and an additional 10% on 11/1/11. Annual amortization of $8,400 attributed to controlling interest relates to 1st acquisition. Co. B. figures (2011) included: Rev - $500,000, Exp - $350,000, R/E 1/1/11 - $3,500,000, Div. Pd. - $40,000, Common Stock - $400,000. W/out regard for this investment, Co. A earns $480,000 in net income (income incurred evenly throughout year) during 2011. Prepare a schedule of consolidated net income and apportionment to noncontrolling and controlling interests for 2011.
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