Paice Corporation Owns 80% of the Voting Common Stock of Accardi

question 30

Essay

Paice Corporation owns 80% of the voting common stock of Accardi Corporation.Paice owns 60% of the voting common stock of Badger Corporation.Accardi owns 20% of the voting common stock of Badger.There are no cost/book value/fair value differentials to consider.The separate net incomes (excluding investment income)of these affiliated companies for 2014 are:
$$\begin{array} { l l } \text { Paice } & \$ 300,000 \\\text { Accardi } & 160,000 \\\text { Badger } & 120,000\end{array}$$ Required:
Calculate controlling interest share of consolidated net income and noncontrolling interest shares for Paice Corporation and Subsidiaries for 2014.

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Definitions:

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Breach

A violation or infringement of a law, obligation, tie, or standard.

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The failure to perform any term of a contract, written or oral, without a legitimate legal excuse.

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