Kearns Inc

question 111

Multiple Choice

Kearns Inc. owned all of Burke Corp. For 2021, Kearns reported net income (without consideration of its investment in Burke) of $350,000 while the subsidiary reported $127,000. There are no excess amortizations associated with this consolidation. The subsidiary had bonds payable outstanding on January 1, 2021, with a book value of $303,000. The parent acquired the bonds on that date for $285,000. During 2021, Kearns reported interest income of $32,000 while Burke reported interest expense of $29,000. What is consolidated net income for 2021?

• A) $456,000.
• B) $462,000.
• C) $477,000.
• D) $492,000.
• E) $498,000.

Understand accumulation operations and their syntax in loops.

Learn about EOF marks and their generation in different operating systems.

Understand the basic concepts and types of business organizations, especially partnerships.

Comprehend the legal frameworks governing partnerships including the Uniform Partnership Act (UPA) and the Revised Uniform Partnership Act (RUPA).

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Definitions:

Lobotomy

A surgical procedure that involves cutting into the prefrontal lobe of the brain, once used to treat mental disorders but now largely discredited.

Eye Socket

A bony region containing the eyeball; also known as the orbit.

Medical Instrument

A tool or device designed for use in the diagnosis, monitoring, treatment, or prevention of medical conditions.

Electroconvulsive Therapy

A psychiatric treatment involving electric currents passed through the brain, intentionally triggering a brief seizure to treat severe mental disorders.