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(Solved by Expert Tutors) On January 1, 2010, Jones Company bought 15% of Whitton Company. Jones


that exactly equaled the proportionate book value of Whitton. On January 1, 2011, Whitton acquired 80% ownership of Jones. The following data are available concerning Whitton's acquisition of Jones:Consideration transferred for 80% interest, January 1, 2011: $800,000Jones' reported book value, January 1, 2011: 900,000Excess fair value over book value (assigned to trademarks) is amortized over 20 years.The initial value method is used by both companies.The following information is available regarding Jones and Whitton for 2011: Jones: 50,000 operating income; 9,000 dividend income; 14,000 dividends paid.Whitton: 140,000 operating income; 11,200 dividend income; 60,000 dividends paid.A. What entry would need to be found on a consolidation worksheet for 2011 as far as Treasury Stock is concerned?B. What is Whitton's accrual-based consolidated net income for 2011?C. What is the noncontrolling interest in net income for 2011?

 


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Apr 19, 2020

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