REFERENCE: Ref.07_07
On January 1,2009,Jones Company bought 15% of Whitton Company.Jones paid $150,000 for these shares,an amount that exactly equaled the proportionate book value of Whitton.On January 1,2010,Whitton acquired 80% ownership of Jones.The following data are available concerning Whitton's acquisition of Jones:
Consideration transferred for 80% interest,January 1,2010: $800,000
Jones' reported book value,January 1,2010: 900,000
Excess fair value over book value (assigned to trademarks) is amortized over 20 years.
The initial value method is being used.
The following information is available regarding Jones and Whitton:
I can't edit picture.The year 2006 s/be 2009.The year 2007 s/be 2010.
I can't access the art to remove italics.Let it go.
Should the titles be italicized?
-Compute the noncontrolling interest in net income for 2010.
A) $11,000.
B) $9,200.
C) $35,000.
D) $37,200.
E) $10,000.
Correct Answer:
Verified
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Q35: REFERENCE: Ref.07_07
On January 1,2009,Jones Company bought 15%
Q38: When indirect control is present, which of
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