What was the noncontrolling interests share of consolidated


On January 1, 2012, Race Corp. acquired 70% of the voting common stock of Gallow Inc. During the year, Race sold to Gallow for $250,000 goods which cost $220,000. Gallow still owned 20% of the goods at year-end. Gallow's reported net income was $316,000, and Race's net income was $708,000. Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: What was the noncontrolling interests share of consolidated
Reference No:- TGS0689700

Expected delivery within 24 Hours