Page Corporation Acquired a 60% Interest in Ace Corporation at a Price

question 37

Multiple Choice

Page Corporation acquired a 60% interest in Ace Corporation at a price $40,000 in excess of book value and fair value on January 1,2010.On the same date,Ace acquired a 70% interest in Bader Corporation at a price $30,000 in excess of book value and fair value.The excess purchase cost paid by Page and Ace was attributed to goodwill.Separate net incomes (excluding investment income) for the three affiliates for 2010 are as follows: Page,$500,000,Ace,$300,000,and Bader,$400,000. Page's controlling interest share of consolidated net income for 2010 is

• A)$808,000.
• B)$848,000.
• C)$920,000.
• D)$960,000.

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Definitions:

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