Separate Earnings and Investment Percentages for Three Affiliates for 2014

Essay

Separate earnings and investment percentages for three affiliates for 2014 are as follows:
Assume the investments were acquired at a cost equal to the book value of each investment, which also equals the fair value. Separate earnings do not include investment income.
Required:
1. Calculate revised net incomes for Palace, Acres, and Bain by using the conventional method.
2. Determine the controlling interest share of consolidated net income and the noncontrolling interest shares.