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1、AdvancedAccounting,11e(Beams/Anthony/Bettinghaus/Smith)Chapter10SubsidiaryPreferredStock,ConsolidatedEarningsPerShare,andConsolidatedIncomeTaxationMultipleChoiceQuestionsUsethefollowinginformationtoanswerthequestion(s)below.OnDecember31,2010,ParminterCorpo
2、rationownsan80%interestinthecommonstockofSanchezCorporationandan80%interestinSanchez'spreferredstock.OnDecember31,2010,Sanchez'sstockholders'equitywasasfollows:10%preferredstock,cumulative,$10parvalue$50,000Commonstock350,000Retainedearnings100,000Totalsto
3、ckholders'equity$500,000OnDecember31,2010,preferreddividendsarenotinarrears.Sanchezhad2011netincomeof$30,000andonlypreferreddividendsaredeclaredandpaidin2011.Therearenobookvalue/fairvaluedifferentialsassociatedwithParminter'sinvestments.1)HowmuchshouldtheP
4、arminter'sInvestmentinSanchez—CommonStock,changeduring2011?A)$5,000B)$20,000C)$25,000D)$30,000Answer:BExplanation:B)($30,000-$5,000)×80%Objective:LO1Difficulty:Moderate2)Whatshouldbethenoncontrollinginterestshare,commonintheconsolidatedfinancialstatementso
5、fParminterfortheyearendingDecember31,2011?A)$5,000B)$20,000C)$25,000D)$30,000Answer:AExplanation:A)($25,000×20%)Objective:LO1Difficulty:Moderate29Copyright©2012PearsonEducation,Inc.PublishingasPrenticeHall3)Whatshouldbethenoncontrollinginterestshare,prefer
6、redintheconsolidatedfinancialstatementsofParminterfortheyearendingDecember31,2011?A)$1,000B)$2,000C)$4,000D)$5,000Answer:AExplanation:A)($5,000×20%)Objective:LO1Difficulty:Moderate4)Asubsidiaryhasdilutivesecuritiesoutstandingthatincludeconvertiblebondspaya
7、ble.Thebondsareconvertibleintotheparent'scommonstock.Whencalculatingconsolidateddilutedearningspershare,theconvertiblebondswillaffectA)thenumeratorofconsolidateddilutedEPSonly.B)thedenominatorofconsolidateddilutedEPSonly.C)thenumeratoranddenominatorofconso
8、lidateddilutedEPS.D)Noneoftheabovewillbeaffected.Answer:CObjective:LO2Difficulty:Moderate29Copyright©2012PearsonEducation,Inc.PublishingasPrenticeHallUsethefollowinginformationtoanswerthequestion(s)below.OnJa
