On January 1, 2011, Pinnead Incorporated paid $300,000 for an 80% interest in Shalle Company. At that time, Shalle's total book value was $300,000. Patents were undervalued in the amount of $10,000. Patents had a 5-year remaining useful life, and any remaining excess value was attributed to goodwill. The income statements for the year ended December 31, 2011 of Pinnead and Shalle are summarized below:
Income from Shalle 78,400
Cost of sales (100,000)(100,000)
Other Expenses (130,000)(70,000)
Net Income $578,400$100,000
1.Calculate the goodwill that will appear in the consolidated balance sheet of Pinnead and Subsidiary at December 31, 2011.
2.Calculate consolidated net income for 2011.
3.Calculate the noncontrolling interest share for 2011.
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