Quoton Corporation purchased 80 percent of Tempro Company's common stock on December 31, 20X5, at underlying book value. Tempro provided the following trial balance data at December 31, 20X5:
The data shown below.
Debit Credit
Cash $28,000
Accounts Receivable 65,000
Inventory 90,000
Buildings and Equipment(net) 210,000
Cost of Goods Sold 105,000
Depreciation Expense 24,000
Other Operating Expenses 31,000
Dividends Declared 15,000
Accounts Payable $33,000
Notes Payable 120,000
Common Stock 90,000
Retained Earnings 130,000
Sales 195,000
Total $568,000 $568,000
Required:
Question 1: How much did Quoton pay to purchase its shares of Tempro?
Question 2: If consolidated financial statements are prepared at December 31, 20X5, what amount will be assigned to the noncontrolling interest in the consolidated balance sheet?
Question 3: If Quoton reported income of $143,000 from its separate operations for 20X5, what amount of consolidated net income will be reported for 20X5?
Question 4: If Quoton had purchased its ownership of Tempro on January 1, 20X5, at underlying book value and Quoton reported income of $143,000 from its separate operations for 20X5, what amount of consolidated net income would be reported for 20X5?