Paste Corporation owns 70 percent of Stick Corporation’s voting common stock. On the date of acquisition, Stick’s fair value equaled its book value.

On March 12, 20X2, Stick sold land it had purchased for $140,000 to Paste for $190,000. Paste plans to build a new warehouse on the property in 20X3.
Paste has $500,000 of separate company net income for 20X2. This does not include any equity income from Stick.
Stick has $300,000 of separate company net income.
1. What will be reported as consolidated net income on the 20X2 income statement?

2. What is 20X2 net income attributable to the noncontrolling interest?

Now assume that Paste made the sale to Stick. Assume the same separate net incomes as above.

3. What is 20X2 net income attributable to the noncontrolling interest?

Which of the following is the most direct cause of cost-push inflation? a. rising production costs. b. reductions in wages. c. greater scarcity of natural resources. d. increasing supply of goods and services. 2b2t

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The cutting department of cassel company has the following production and cost data for july. production costs 1. transferred out 12,300 units. beginning work in process $0 2. started 3,900 units that are 60% materials 62,856 complete as to conversion labor 12,622 costs and 100% complete as manufacturing overhead 23,100 to materials at july 31. materials are entered at the beginning of the process. conversion costs are incurred uniformly during the process. determine the equivalent units of production for (1) materials and (2) conversion costs. materials conversion costs total equivalent units of production link to text link to text compute unit costs. (round unit costs to 2 decimal places, e.g. 2.25.) materials $ conversion costs $ link to text link to text prepare a cost reconciliation schedule. (round unit costs to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 1,225.) cost reconciliation costs accounted for transferred out $ work in process, july 31 materials $ conversion costs total costs $