Masson, Inc. Acquires 70 percent of Echetabu Corporation on September 1, 2009 and an additional 10 percent on November 1, 2010. Annual amortization of $8400 attributed to the controlling interest relates to the first acquisition. Echetabu reports the following figures for 2010:
Revenues $500,000
Expenses $350,000
Retained Earnings, 1/1/10 $3,500,000
Dividends Paid $400,000
With regard for this investment, Masson earns $480,000 in net income ($840,000 revenues less $360,000 expenses earned and incurred evenly through the year) during 2010.
Required:
Prepare a proper schedule of consolidated net income and apportionment to non controlling and congtrolling interests for 2010.