Consolidated Financial Statements - Chamberlain & Jordan Inc
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On January 1, 2009, Chamberlain Corporation pays $388,000 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $15,000 results from the acquisition. On Dec 31, 2010, Neville reports revenues of $400,000 and expenses of $300,000 and Chamberlain reports revenues of $700,000 and expenses $400,000. The parent figues contain no income from the subsidiary. What is consolidated net income attributeable to the controlling interest?
Jordan, Inc,. Holds 75% of the outstand stock of Paxson Corporation. Paxson currently owes Jordan $400,000 for inventory acquired over the past few months. In preparing conslidated financial statements, what amount of this debt should be eliminated?
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The solution answer questions related to Chamberlain Corporation & Jordan Inc related to their Consolidated Financial Statements
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Chamberlain Corporation
Income for Neville = 400,000-300,000 = $100,000
No tax information is given. If there is tax; deduct the tax. And then allocate ...
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