The Following Information Pertains to Questions

question 13

Essay

The following information pertains to questions
On January 1,2011,Larmer Corp.(a Canadian company)purchased 80% of Martin Inc,an American company,for $50,000 U.S.
Martin's book values approximated its fair values on that date except for plant and equipment,which had a fair market value of $30,000 U.S.with a remaining life expectancy of 5 years.A goodwill impairment loss of $1,000 U.S.occurred during 2011.
Martin's January 1,2011 Balance Sheet is shown below (in U.S.dollars): Dividends declared and paid December 31,2011
The financial statements of Larmer (in Canadian dollars)and Martin (in U.S.dollars)are shown below: For questions 50 through 53 inclusively,assume that Martin is an integrated foreign subsidiary.
-Calculate Larmer's Consolidated Net Income for 2011.

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Definitions:

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