Edition by Jeter and Chaney – Test Bank A Graded Click on the Link Below to Purchase Complete Test Bank (Chapter 1 – 19) complete solution from chapter 1 – 19 click on the above link…….
Chapter 7 Elimination of Unrealized Gains or Losses on Intercompany Sales of Property and Equipment 7-1 Parker Company, a computer manufacturer, owns 90% of the outstanding stock of Santo Company.
Santo Company estimated that the computers had a useful life of six years from the date of purchase.
Santo Company reported net income of $310,000, and Parker Company reported net income of $870,000 from its independent operations (including sales to affiliates) for the year ended December 31, 2011.
If S Company sold the equipment to P Company, fill in the following matrix: 2011 2012 Noncontrolling interest in consolidated net income Controlling Interest in Consolidated net income B.