4. Strake Company, a 90%-owned subsidiary of Peale Corporation, had a net income of $50,000 for the...
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4. Strake Company, a 90%-owned subsidiary of Peale Corporation, had a net income of
$50,000 for the first year following the business combination. However, the working paper elimination for the minority interest in the subsidiary’s net income was in the amount of $3,500 rather than $5,000. Is this difference justifiable? Explain.
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