B CoOwned 70% of the Voting Common Stock of C Corp

question 28

Essay

B Co.owned 70% of the voting common stock of C Corp. ;C Corp.owned 20% of B Co.For 2009,B Co.and C Corp.reported net income (not including the investment)of $600,000 and $300,000,respectively.B Co.and C Corp.paid dividends of $80,000 and $60,000,respectively.
Required:
Prepare a schedule showing B Co.'s share of consolidated net income for 2009 using the treasury stock approach.

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Definitions:

Leadership Traits

Specific characteristics and qualities that are commonly found in effective leaders, such as integrity, determination, and communication skills.

Trait Approach

A perspective in leadership theory that focuses on identifying and analyzing specific qualities and characteristics that differentiate leaders from non-leaders.

Leadership Traits

Specific attributes, qualities, and characteristics of individuals that make them effective leaders.

Sociability

The trait or quality of being sociable, describing an individual's tendency to engage and interact positively with others in social settings.