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This is the Question that I was given. Denber Co. acquired 60% of the common stock of Kailey Corp. on September 1, 2010.
This is the Question that I was given. Denber Co. acquired 60% of the common stock of Kailey Corp. on September 1, 2010. For 2010, Kailey reported revenues of $810,000 and expenses of $630,000, all reflected evenly throughout the year. The annual amount of amortization related to this acquisition was $15,000. What is the amount of net income to the controlling interest for 2010?I have tried to figure it out in many different ways and the notes that my teacher has given me don't seem to be helping. This is what I have been doing.Revenues-expenses=net income-amortization= adjusted net income. 810-630=180-15= 165. Then I am taking that number and multiplying be 60% to get 99,000. I guess I need to know what I am doing wrong?
