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

question 23

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:
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:

Average Total Assets

A financial metric calculated by averaging a company's total assets over a certain period, used to measure a company's asset utilization efficiency.

Held-to-maturity Securities

Debt securities that a company intends and is able to hold until they mature.

Equity Securities

Equity Securities are financial assets representing ownership interest in a company, such as stocks, which provide voting rights and potential dividends.

Multinational Corporations

Multinational corporations are large companies that operate commercially in multiple countries, expanding their manufacturing, sales, and services beyond their original borders.