On january 1, 2017, chamberlain corporation pays $388,000 for a 60 percent ownership in neville. annual excess fair-value amortization of $15,000 results from the acquisition. on december 31, 2018, neville reports revenues of $400,000 and expenses of $300,000 and chamberlain reports revenues of $700,000 and expenses of $400,000. the parent figures contain no income from the subsidiary. what is consolidated net income attributable to chamberlain corporation

$351,000

Explanation:

Given that,

Chamberlain Corporation pays = $388,000

Ownership in Neville = 60 percent

Annual excess fair-value amortization = $15,000

Neville reports:

Revenues = $400,000

Expenses = $300,000

Chamberlain reports:

Revenues = $700,000

Expenses = $400,000

Sub's book net income:

= (Revenues - Expenses) reported by Neville - Annual excess fair-value amortization

= $400,000 - $300,000 - $15,000

= $85,000

Net income Attributable to NCI = 85,000 x 0.40

                                                    = 34,000

Net income attributable to Chamberlain Corporation:

= (Revenues reported by Neville and Chamberlain)-(Expenses reported by Neville and Chamberlain) - Annual excess fair-value amortization - Net income Attributable to NCI

= 400,000 + 700,000 - 300,000 - 400,000 - 15,000  - 34,000

= $351,000

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