3 paik corporation owns 80 of acdol corporation and 60 of ben corporation acdol corp 4307557

3 paik corporation owns 80 of acdol corporation and 60 of ben corporation acdol corp 4307557

3) Paik Corporation owns 80% of Acdol Corporation and 60% of Ben Corporation. Acdol Corporation owns 10% of Ben Corporation. All subsidiary investments were acquired at book value. There are no fair value/book value differentials associated with each investment. Separate net incomes (excluding investment income) of the affiliated companies for 2011 are:

Paik:$600,000 which includes $60,000 unrealized losses on inventory items sold to Ben

Acdol:$360,000

Ben:$340,000 which includes $100,000 unrealized profit on land sold to Acdol

Required:

Determine controlling interest share of consolidated net income and noncontrolling interest shares for Paik Corporation and Subsidiaries for 2011.

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