Question - Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2009 and an additional 10% on April 1, 2010. Total annual amortization of $6,000 relates to the first acquisition. George reports the following figures for 2010:
Revenues $500,000
Expenses $400,000
Retained Earnings 1/1/10 $300,000
Dividends Paid $50,000
Common Stock 200,000
Without regard for this investment, Keefe earns $300,000 in net income during 2010.
All net income is earned evenly throughout the year.
What is the controlling interest in consolidated net income for 2010?