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Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2010, and an additional 10% on April 1, 2011. Total annual amortization of $6,000 relates to the first acquisition. George reports the following figures for 2011:

Revenues: $500,000
Expenses: $400,000
Retained Earnings-1/1/11: $300,000
Dividends paid: $ 50,000
Common Stock: 200,000

Without regard for this investment, Keefe independently earns $300,000 in net income during 2011. All net income is earned evenly throughout the year.

What is the controlling interest in consolidated net income for 2011?

A. $373,300.

B. $372,850.

C. $371,500.

D. $376,000.

E. $372,805.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M981498

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