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40keefe inc a calendar-year corporation acquires 70 of

40. Keefe Inc, a calendar-year corporation, acquires 70% of George Company on September 1, 2014, and an additional 10% on January 1, 2015. Total annual amortization of $6,000 relates to the first acquisition. George reports the following figures for 2015:

Without regard for this investment, Keefe independently earns $300,000 in net income during 2015.
All net income is earned evenly throughout the year.
What is the controlling interest in consolidated net income for 2015?

A. $380,000.

B. $375,200.

C. $375,800.

D. $376,000.

E. $400,000.

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Accounting Basics: 40keefe inc a calendar-year corporation acquires 70 of

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Solution Preview :

Prepared by a verified Expert

Accounting Basics: 40keefe inc a calendar-year corporation acquires 70 of

Reference No:- TGS0660951

Have a Question? (oR Write a Review)

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Solution Preview :

Prepared by a verified Expert

Accounting Basics: 40keefe inc a calendar-year corporation acquires 70 of

Reference No:- TGS0660951

Recent Questions Asked Accounting Basics

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