Sealcoat company made 50000 in 2010 and paid no dividends., Ask an Expert

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Primer Company acquired an 80% interest in SealCoat Company on January 1, 2010, for $450,000 cash when SealCoat Company had common stock of $250,000 and retained earnings of $250,000. All excess was attributable to plant assets with a 10-year life. SealCoat Company made $50,000 in 2010 and paid no dividends. Primer Company's separate income in 2010 was $625,000. The controlling interest in consolidated net income for 2010 is:

a) $675,000.

b) $665,000.

c) $660,000.

d) $625,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9449364

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