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Allocate the consolidated net income (loss) using the Income Distribution Schedule (IDS)
A parent company acquired an 80% interest in a subsidiary on July 1, 2015. The subsidiary closed its books on that date. The subsidiary reported net income of $60,000 for 2015, earned evenly during the year. The parent net income exclusive of any income of the subsidiary was $140,000. The fair value of the subsidiary exceeded book value by $100,000. The entire difference was attributed to a patent with a 10-year life.
Using the above information determine the net income to be allocated to the parent and the net income to the subsidiary. Please explain and show your work, thanks.

Expert Answer

Allocate the consolidated net income (loss) using the Income Distribution Schedule (IDS) A parent company acquired an 80% interest in a subsidiary on July 1, 2015. The subsidiary closed its books on that date. The subsidiary reported net income of $60,000 for 2015, earned evenly during the year. The parent net income exclusive of any income of the subsidiary was $140,000. The fair value of the subsidiary exceeded book value by $100,000. The entire difference was attributed to a patent with a 10-year life. Using the above information determine the net income to be allocated to the parent and the net income to the subsidiary. Please explain and show your work, thanks.

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