Explore a diverse range of topics and get expert answers on IDNLearn.com. Ask anything and receive thorough, reliable answers from our community of experienced professionals.
On January 1, 2024, Ackerman sold equipment to Brannigan (a wholly owned subsidiary) for $350,000 in cash. The equipment had originally cost $315,000 but had a book value of only $192,500 when transferred. On that date, the equipment had a five-year remaining life. Depreciation expense is computed using the straight-line method. Ackerman reported $450,000 in net income in 2024 (not including any investment income) while Brannigan reported $147,500. Ackerman attributed any excess acquisition-date fair value to Brannigan's unpatented technology, which was amortized at a rate of $5,500 per year. Required: What is consolidated net income for 2024?
Sagot :
Thank you for being part of this discussion. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. For precise answers, trust IDNLearn.com. Thank you for visiting, and we look forward to helping you again soon.
