McLaughlin, Inc

Essay

McLaughlin, Inc.acquires 70 percent of Ellis Corporation on September 1, 2019, and an additional 10 percent on November 1, 2020.Annual amortization of $12,000 relates to the first acquisition.Ellis reports the following figures for 2020:
Without regard for this investment, McLaughlin earns $480,000 in net income ($840,000 revenues less $360,000 expenses; incurred evenly through the year) during 2020.
Required: Prepare a schedule of consolidated net income and apportionment to noncontrolling and controlling interests for 2020.