Bassett Company owns 80 percent of Crimson and Crimson owns 90 percent of Damson

Question

Bassett Company owns 80 percent of Crimson and Crimson owns 90 percent of Damson, Inc. Operating income totals for the current year follow; they contain no investment income. None of these acquisitions required amortization expense. Included in Damson

Bassett Company owns 80 percent of Crimson and Crimson owns 90 percent of Damson, Inc. Operating income totals for the current year follow; they contain no investment income. None of these acquisitions required amortization expense. Included in Damson

Explanation / Answer

Crimson share in damson 90%(299000-57000)

=217800

crimson TI=217800+251000

=468800

bassett share in crimson=80%468800=375040

Basett TI=375040+378000= 753040

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