On January 1,2008,Bristol Company acquired 80 percent of Animation Company's common stock for $280,000 cash.At that date,Animation reported common stock outstanding of $200,000 and retained earnings of $100,000,and the fair value of the noncontrolling interest was $70,000.The book values and fair values of Animation's assets and liabilities were equal,except for other intangible assets which had a fair value $50,000 greater than book value and an 8-year remaining life.Animation reported the following data for 2008 and 2009:
Bristol reported net income of $100,000 and paid dividends of $30,000 for both the years.

-Based on the preceding information,what is the amount of comprehensive income attributable to the controlling interest for 2009?

Question

On January 1,2008,Bristol Company acquired 80 percent of Animation Company's common stock for $280,000 cash.At that date,Animation reported common stock outstanding of $200,000 and retained earnings of $100,000,and the fair value of the noncontrolling interest was $70,000.The book values and fair values of Animation's assets and liabilities were equal,except for other intangible assets which had a fair value $50,000 greater than book value and an 8-year remaining life.Animation reported the following data for 2008 and 2009:
Bristol reported net income of $100,000 and paid dividends of $30,000 for both the years.
 
-Based on the preceding information,what is the amount of comprehensive income attributable to the controlling interest for 2009?

Quizplus · Accepted Answer

The Answer of On January 1,2008,Bristol Company acquired 80 percent of Animation Company's common stock for $280,000 cash.At that date,Animation reported common stock outstanding of $200,000 and retained earnings of $100,000,and the fair value of the noncontrolling interest was $70,000.The book values and fair values of Animation's assets and liabilities were equal,except for other intangible assets which had a fair value $50,000 greater than book value and an 8-year remaining life.Animation reported the following data for 2008 and 2009:
Bristol reported net income of $100,000 and paid dividends of $30,000 for both the years.
 
-Based on the preceding information,what is the amount of comprehensive income attributable to the controlling interest for 2009?

On January 1,2008,Bristol Company Acquired 80 Percent of Animation Company's