Chase company owns 80 of lawrence company and 40 of ross


Chase Company owns 80% of Lawrence Company and 40% of Ross Company. Lawrence Company also owns 30% of Ross Company. Separate operating incomes for 2013 of Chase, Lawrence, and Ross are $450,000, $300,000, and $250,000, respectively. Each company also retains a $20,000 unrealized gain in their current income figures. Annual amortization expense of $15,000 is assigned to Chase's investment in Lawrence and another $15,000 is assigned to Lawrence's investment in Ross.

Compute Lawrence's accrual-based income for 2013.

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Financial Accounting: Chase company owns 80 of lawrence company and 40 of ross
Reference No:- TGS01072951

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