Without regard for this investment keefe earns 300000 in, Ask an Expert

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Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2009 and an additional 10% on April 1, 2010. Total annual amortization of $6,000 relates to the first acquisition. George reports the following figures for 2010

revenue=500,000

expenses=400,000

retained earnings 1/1/10 =300,000

dividends paid= 50000

common stock= 200,000

Without regard for this investment, keefe earns $300,000 in net income during 2010. All the net income is earned evenly throughout the year.

What is the controlling interest in consolidated net income for 2010.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9446477

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