X Corporation owns 80 percent of Y Corporation's common stock and 40 percent of Z Corporation's common stock. Additionally, Y Corporation owns 35 percent of Z Corporation's common stock. The acquisitions were made at book values. The following information is available for 20X8: Based on the information provided, what amount of income will be assigned to the controlling interest in the 20X8 consolidated income statement?

Question

X Corporation owns 80 percent of Y Corporation's common stock and 40 percent of Z Corporation's common stock. Additionally, Y Corporation owns 35 percent of Z Corporation's common stock. The acquisitions were made at book values. The following information is available for 20X8:  Based on the information provided, what amount of income will be assigned to the controlling interest in the 20X8 consolidated income statement?

Quizplus · Accepted Answer

The Answer of X Corporation owns 80 percent of Y Corporation's common stock and 40 percent of Z Corporation's common stock. Additionally, Y Corporation owns 35 percent of Z Corporation's common stock. The acquisitions were made at book values. The following information is available for 20X8:  Based on the information provided, what amount of income will be assigned to the controlling interest in the 20X8 consolidated income statement?

X Corporation Owns 80 Percent of Y Corporation's Common Stock