accounting
Question Description
I’m working on a accounting discussion question and need an explanation and answer to help me learn.
Allocate the consolidated net income (loss) using the Income Distribution Schedule (IDS)
A parent company acquired an 80% interest in a subsidiary on July 1, 2015. The subsidiary closed its books on that date. The subsidiary reported net income of $60,000 for 2015, earned evenly during the year. The parent net income exclusive of any income of the subsidiary was $140,000. The fair value of the subsidiary exceeded book value by $100,000. The entire difference was attributed to a patent with a 10-year life.
Using the above information determine the net income to be allocated to the parent and the net income to the subsidiary.
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