Pan Corporation owns an 80 percent interest in Sol Company and Sol owns a 30 percent interest in Pan, both acquired at a fair value equal to book value. Separate incomes (not including investment income) of the two affiliates for 2011 are:
Pan | $6,000,000 |
Sol | $3,000,000 |
REQUIRED : Compute controlling share of consolidated net income for 2011 using the conventional (equation) approach.
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