Paik Corporation owns 80% of Acdol Corporation and 60% of Ben Corporation.Acdol Corporation owns 10% of Ben Corporation.All subsidiary investments were acquired at book value.There are no fair value/book value differentials associated with each investment.Separate net incomes (excluding investment income)of the affiliated companies for 2011 are:
Paik: $600,000 which includes $60,000 unrealized losses on inventory items sold to Ben
Acdol: $360,000
Ben: $340,000 which includes $100,000 unrealized profit on land sold to Acdol
Required:
Determine controlling interest share of consolidated net income and noncontrolling interest shares for Paik Corporation and Subsidiaries for 2011.

Question

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The Answer of Paik Corporation owns 80% of Acdol Corporation and 60% of Ben Corporation.Acdol Corporation owns 10% of Ben Corporation.All subsidiary investments were acquired at book value.There are no fair value/book value differentials associated with each investment.Separate net incomes (excluding investment income)of the affiliated companies for 2011 are:
Paik: $600,000 which includes $60,000 unrealized losses on inventory items sold to Ben
Acdol: $360,000
Ben: $340,000 which includes $100,000 unrealized profit on land sold to Acdol
Required:
Determine controlling interest share of consolidated net income and noncontrolling interest shares for Paik Corporation and Subsidiaries for 2011.

Paik Corporation Owns 80% of Acdol Corporation and 60% of Ben