Smith Inc. has the following stockholders%u2019 equity accounts as of January 1 2013:
Preferred stock%u2014$100 par nonvoting and
nonparticipating 8 percent cumulative dividend
Haried Company purchases all of Smith%u2019s common stock on January 1 2013 for $14040000. The preferred stock remains in the
hands of outside parties. Any excess acquisition-date fair value will be assigned to franchise contracts with a 40-year life.
During 2013 Smith reports earning $450000 in net income and pays $360000 in cash dividends. Haried applies the equity method to
this investment.
What is the noncontrolling interest%u2019s share of consolidated net income for this period?
$
What is the balance in the Investment in Smith account as of December 31 2013?
$
What consolidation entries are needed for 2013?
(Click to select) Equity Income of Subsidiary Dividends Paid Franchises Investment in Smith Preferred Stock (Smith) Amortization Expense Common Stock (Smith) Noncontrolling Interest in Smith Inc Retained Earnings 1/1/13 (Smith) (Click to select) Equity Income of Subsidiary Investment in Smith Noncontrolling Interest in Smith Inc Retained Earnings 1/1/13 (Smith) Common Stock (Smith) Amortization Expense Franchises Dividends Paid Preferred Stock (Smith) (Click to select) Preferred Stock (Smith) Retained Earnings 1/1/13 (Smith) Franchises Amortization Expense Noncontrolling Interest in Smith Inc Dividends Paid Common Stock (Smith) Equity Income of Subsidiary Investment in Smith (Click to select) Dividends Paid Preferred Stock (Smith) Investment in Smith Retained Earnings 1/1/13 (Smith) Noncontrolling Interest in Smith Inc Amortization Expense Common Stock (Smith) Franchises Equity Income of Subsidiary (Click to select) Amortization Expense Common Stock (Smith) Equity Income of Subsidiary Investment in Smith Dividends Paid Franchises Noncontrolling Interest in Smith Inc Retained Earnings 1/1/13 (Smith) Preferred Stock (Smith) (Click to select) Common Stock (Smith) Noncontrolling Interest in Smith Inc Investment in Smith Equity Income of Subsidiary Amortization Expense Franchises Dividends Paid Retained Earnings 1/1/13 (Smith) Preferred Stock (Smith) (Click to select) Preferred Stock (Smith) Investment in Smith Common Stock (Smith) Equity income of subsidiary Retained Earnings 1/1/13 (Smith) Noncontrolling Interest in Smith Inc Dividends Paid Franchises Amortization Expense (Click to select) Equity Income of Subsidiary Dividends Paid Retained Earnings 1/1/13 (Smith) Investment in Smith Franchises Common Stock (Smith) Preferred Stock (Smith) Noncontrolling Interest in Smith Inc Amortization Expense (Click to select) Amortization Expense Equity Income of Subsidiary Franchises Dividends Paid Preferred Stock (Smith) Retained Earnings 1/1/13 (Smith) Common Stock (Smith) Noncontrolling Interest in Smith Inc Investment in Smith (Click to select) Retained Earnings 1/1/13 (Smith) Dividends Paid Investment in Smith Franchises Equity Income of Subsidiary Noncontrolling Interest in Smith Inc Amortization Expense Preferred Stock (Smith) Common Stock (Smith) (Click to select) Preferred Stock (Smith) Noncontrolling Interest in Smith Inc Dividends Paid Retained Earnings 1/1/13 (Smith) Investment in Smith Amortization Expense Equity Income of Subsidiary Common Stock (Smith) Franchises (Click to select) Preferred Stock (Smith) Common Stock (Smith) Investment in Smith Noncontrolling Interest in Smith Inc Dividends Paid Amortization Expense Franchises Equity Income of Subsidiary Retained Earnings 1/1/13 (Smith)