the following information relates to brown shoe company and its 90 percent owned sub 4375553

The following information relates to Brown Shoe Company and its 90 percent-owned subsidiary, Shoes.com, for 2013 (in thousands). Brown Shoe Company’s net income from its own operations $50,000 Shoes.com’s net income from its own operations 20,000 Dividends paid by Shoes.com 8,000 Acquisition date overvaluation of inventory sold in 2013 900 Reduction in depreciation expense on equipment overvalued at acquisition date 300 Increase in fair value of contingent consideration liability outside of measurement period 200 Amortization of discount on long-term debt created at acquisition date 100 Impairment loss on in-process R&D capitalized at acquisition date 600 Unconfirmed upstream inventory profit in Brown Shoe Company’s ending inventory 400 Downstream loss on January 2 sale of patent to Shoes.com; 5-year life 500 Required Prepare a schedule to determine consolidated net income for 2013 and the amounts attributed to the controlling and noncontrolling interests. View Solution:
The following information relates to Brown Shoe Company and its

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