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Income before income taxes and equity in net earnings of affiliate |
$160,000 |
|
Income taxes |
64,000 |
|
Income before equity in net earnings of affiliate |
96,000 |
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Equity in net earnings of affiliate |
39,000 |
|
Net income |
$135,000 |
Presentation |
Additional considerations |
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Earnings of non-taxable investees |
In operating profit |
The SEC staff has indicated that presenting equity method earnings from an investee within the operating income section of the investor's income statement is acceptable in very limited circumstances. |
|
Before tax provision line item |
For a non-taxable investee, there is no difference between gross or net of tax presentation as the investee is not taxed. |
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Below tax provision line item |
The investor's income tax provision line would include any income tax levied against the investor for its share of the investee's results. |
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Earnings of taxable investees ("net of tax" presentation) |
In operating profit |
The SEC staff has indicated that presenting equity method earnings from an investee within the operating income section of the investor's income statement is acceptable in very limited circumstances. |
|
Below tax provision line item |
The investor's income tax provision line would include any income tax levied against the investor for its share of the investee's results. |
FSP Corp Statement of Changes in Stockholders' Equity Year ended December 31, 20X1 |
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Common stock $0.01 par value |
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Shares |
Amount |
Additional paid-in capital |
Retained earnings |
Total stockholders' equity |
|
Balance at December 31, 20X0
|
1,000,000
|
$10,000
|
$20,546,987
|
$5,000,000
|
$25,556,987
|
Issuance of common stock
|
200,000
|
2,000
|
1,999,800
|
2,001,800
|
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Net income
|
238,000
|
238,000
|
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Cumulative effect charge resulting from an accounting change at equity method investee
|
(20,000)
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(20,000)
|
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Balance at December 31, 20X1
|
1,200,000
|
$12,000
|
$22,546,787
|
$5,218,000
|
$27,776,787
|
PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
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