Prepare computations (subsidiary stock mutually held, no unrealized profits)
Intercompany investment percentages and 2011 earnings for three affiliates are as follows:
|
Percentage Interest in Sad |
Percentage Interest in Two |
Separate Earnings |
|
|
Pad Corporation |
70% |
— |
$200,000 |
|
Sad Corporation |
— |
80% |
120,000 |
|
Two Corporation |
10% |
— |
80,000 |
REQUIRED: Compute controlling share of consolidated net income and noncontrolling interest share for 2011.