# Problem 5-24 (LO 5-7) On January 1, 2018, Ackerman sold equipment to Brannigan (a wholly owned...

Problem 5-24 (LO 5-7) On January 1, 2018, Ackerman sold equipment to Brannigan (a wholly owned subsidiary) for $210,000 In cash. The equipment had originally cost$189,000 but had a book value of only $115,500 when transferred. On that date, the equipment had a five-year remaining life. Depreciation expense is computed using the straight-line method. Ackerman reported$310,000 In net Income in 2018 (not including any Investment Income) while Brannlgan reported $101,300. Ackerman attributed any excess acquisition date fair value to Brannlgan's unpatented technology, which was amortized at a rate of$4,100 per year. a. What is consolidated net Income for 2018? b. What is the parent's share of consolidated net Income for 2018 If Ackerman owns only 90 percent of Brannigan? c. What is the parent's share of consolidated net Income for 2018 If Ackerman owns only 90 percent of Brannigan and the equipment transfer was upstream? d. What is the consolidated net Income for 2019 If Ackerman reports $330,000 (does not include Investment Income) and Brannigan$111,400 In Income? Assume that Brannlgan is a wholly owned subsidiary and the equipment transfer was downstream. % Answer is complete but not entirely correct. Consolidated net income Consolidated net income to parent company Consolidated net income to parent company Consolidated net income Amounts s 331.800 $321,880$ 329,440 $451,900 ## Answers #### Similar Solved Questions 1 answer ##### 21.) Tris, (HOCH2)3CNH2 (pKb = 5.91), a very common buffer for studying biochemical processes, is prepared... 21.) Tris, (HOCH2)3CNH2 (pKb = 5.91), a very common buffer for studying biochemical processes, is prepared by a biological chemist using 10.0M NaOH to a pH of 7.79 using 31.52 g of (HOCH2)3CNH3Cl, or TrisH+, (MW=157.597g/mol, pKa 8.075). >>>> Need help with second part of question pls>... 1 answer ##### 6.21 (Airline Reservations System) A small airline has just purchased a computer for its new au-... 6.21 (Airline Reservations System) A small airline has just purchased a computer for its new au- tomated reservations system. The president has asked you to program the new system. You'll write a program to assign seats on each flight of the airline's only plane (capacity: 10 seats). Your pr... 1 answer ##### X is an unmarried dependent child who works part-time. During 2018, he earns$4,800 and has...
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