Business, 06.11.2019 00:31 AlicR63701

Blue company purchased 60 percent ownership of kelly corporation in 20x1. on may 10, 20x2, kelly purchased inventory from blue for $60,000. kelly sold all of the inventory to an unaffiliated company for $86,000 on november 10, 20x2. blue produced the inventory sold to kelly for $47,000. the companies had no other transactions during 20x2.

1. what amount of sales will be reported in the 20x2 consolidated income statement?
a. $51,600.
b. $60,000.
c. $86,000.
d. $146,000.
2. what amount of cost of goods sold will be reported in the 20x2 consolidated income statement?
a. $36,000.
b. $47,000.
c. $60,000.
d. $107,000.

3. what amount of consolidated net income will be assigned to the controlling shareholders for 20x2?
a. $13,000.
b. $26,000.
c. $28,600.
d. $39,000.

Answers: 3

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Blue company purchased 60 percent ownership of kelly corporation in 20x1. on may 10, 20x2, kelly pur...

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