Noncontrolling interest share of consolidated total income, Accounting Basics

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Noncontrolling interest share of consolidated total income

On January 1, 2006, Race Corp. purchased 80% of the voting common stock of Gallow Inc. During the year, Race sold to Gallow for $450,000 goods which cost $330,000. Gallow still owned 15% of the goods at year-end. Gallow's reported net income was $204,000, and Race's net income was $806,000. Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?

a) $37,200

b) $22,800

c) $30,900

d) $40,800

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Accounting Basics: Noncontrolling interest share of consolidated total income

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Accounting Basics: Noncontrolling interest share of consolidated total income

Reference No:- TGS081470

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Noncontrolling interest share of consolidated total income

Reference No:- TGS081470

Recent Questions Asked Accounting Basics

Q : Finding the consolidated net income

Q : Making the consolidated financial statements

Q : What was the noncontrolling interest in kent total income

Q : Amount of unrealized intercompany gain

Q : Noncontrolling interest share of consolidated total income

Q : Problem based on voting common stock

Q : Profit in ending inventory-eliminated consolidation process

Q : When is the gain on the sale of the land realized

Q : Find out the consolidated balance for land

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