Parent NI 200,000. Sub NI 80,000. P\'s BP BV 212,000. Sub acquired for 199,000. During year, parent\'s interest expense was 22,000 and subs income of 21,000. What is consolidated NI
belongs to book: ADVANCED ACCOUNTING|Debra C.jeter, Paul K.Chaney|7th edition| Chapter number:6| Question number:4
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Accounting
200,000 - P's NI
need an explanation for this answer? contact us directly to get an explanation for this answer80,000 - S's NI
(21,000) - eliminate intra-entity interest income
22,000 - eliminate intra-entity interest expense
13,000 - recognize retirement gain on debt
= 294,000 (consolidated NI)