Pablo Corporation acquired 60% of Abagia Corporation on January 1, 2010, at a cost of $20,000 in excess of book value.Also, on July 1, 2010, Pablo acquired 60% of Babin Corporation at book value.On January 1, 2011, Abagia acquired a 20% interest in Babin at a cost of $10,000 in excess of book value.The excess purchase costs paid by Pablo and Abagia were attributed to goodwill. On July 1, 2011, Pablo sold land with a book value of $20,000 to Abagia for $40,000.The $20,000 unrealized gain is included in Pablo's separate income.Separate net incomes for the affiliated companies (excluding investment income)for 2011 are:
Controlling interest share of consolidated net income for 2011 is

Question

Pablo Corporation acquired 60% of Abagia Corporation on January 1, 2010, at a cost of $20,000 in excess of book value.Also, on July 1, 2010, Pablo acquired 60% of Babin Corporation at book value.On January 1, 2011, Abagia acquired a 20% interest in Babin at a cost of $10,000 in excess of book value.The excess purchase costs paid by Pablo and Abagia were attributed to goodwill. On July 1, 2011, Pablo sold land with a book value of $20,000 to Abagia for $40,000.The $20,000 unrealized gain is included in Pablo's separate income.Separate net incomes for the affiliated companies (excluding investment income)for 2011 are:
 Controlling interest share of consolidated net income for 2011 is

Quizplus · Accepted Answer

The Answer is C

Pablo Corporation Acquired 60% of Abagia Corporation on January 1