Alpha Corporation owns 100% of Beta Company, and Beta owns 80% of Gamma, Inc., all of which are domestic corporations. There were no excess allocation values at the date of acquisition of the subsidiaries. Information for the three companies for the year ending December 31, 2021 follows: What is Gamma's accrual-based net income for 2021?
A) $76,000.
B) $80,000.
C) $96,000.
D) $100,000.
E) $104,000.

Question

Alpha Corporation owns 100% of Beta Company, and Beta owns 80% of Gamma, Inc., all of which are domestic corporations. There were no excess allocation values at the date of acquisition of the subsidiaries. Information for the three companies for the year ending December 31, 2021 follows:  What is Gamma's accrual-based net income for 2021?
A) $76,000. 
B) $80,000. 
C) $96,000. 
D) $100,000. 
E) $104,000.

Quizplus · Accepted Answer

The Answer of Alpha Corporation owns 100% of Beta Company, and Beta owns 80% of Gamma, Inc., all of which are domestic corporations. There were no excess allocation values at the date of acquisition of the subsidiaries. Information for the three companies for the year ending December 31, 2021 follows:  What is Gamma's accrual-based net income for 2021?
A) $76,000. 
B) $80,000. 
C) $96,000. 
D) $100,000. 
E) $104,000.

Alpha Corporation Owns 100% of Beta Company, and Beta Owns