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(Answered) Up and its 80% owned subsidiary (down) reported the following


Up and its 80% owned subsidiary (down) reported the following
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Up and its 80% owned subsidiary (down) reported the following figures for the year ending Dec. 31, 2011. Down paid dividens of $30,000 during this period.,

 

,

 

UP Down,

 

Sales $(600,000) $(300,000),

 

COGs 300,000 140,000,

 

Operating expenses 174,000 60,000,

 

Dividen Income (24,000) 0,

 

Net Income $(150,000) $(100,000),

 

,

 

In 2010, unrealized gains of $30,000 on upstream transfers of $90,000 were deferred into 2011. In 2011, unrealized gains of $40,000 on upstream transfers of $110,000 were deferred into 2012.,

 

,

 

Question: ,

 

a. What figures appear in a consolidated income statement?,

 

b. What income tax expense should appear on the consolidated income statement if each company files a separate return? Assume that the tax rate is 30 percent.,

 


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