(Solution) - The following information relates to Brown Shoe Company and its -(2025 Original AI-Free Solution)

Paper Details

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.