Hardford Corp

question 36

Multiple Choice

Hardford Corp. held 80% of Inglestone Inc., which, in turn, owned 80% of Jade Co. Excess amortization expense was not required by any of these acquisitions. Separate net income figures (without investment income) as well as upstream intra-entity gross profits (before deferral) included in the income for the current year follow:

-Compute Chase's attributed ownership in Ross.

• A) 40.0%.
• B) 64.0%.
• C) 24.0%.
• D) 32.0%.
• E) 12.8%.

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