1. Westwood Company owns 90 percent of the common stock of Austin Corporation but none of Austin's preferred stock. The common stock outstanding and the retained earnings of Austin Corporation are $1,010,000 and $930,000, respectively. Austin Corporation has $280,000 of 10 percent $100 par cumulative preferred stock outstanding, issued at par. The preferred stock is callable at $109 per share, and the preferred dividend is three years in arrears including the current year. The total noncontrolling interest reported in the consolidated balance sheet is: A) $183,080. $278,600. $389,200. D) $572,280. B) d 2. Virginia Corporation purchased 30 percent of Bay Corporation's 8 percent $100 par value preferred stock issued at par. Virginia also owns 70 percent of the common stock of Bay Corporation. On December 31, 2001, the common stock, additional paid-in capital, and retained earnings for Bay are $1,100,000, $300,000, and $3,000,000 respectively. The preferred stock has a liquidation value of $110 per share. During 2001 Bay reported net income of $275,000 and declared normal preferred dividends of $60,000. What is the total noncontrolling interest? A) $1,897,500 B) $1,881,750 C) $1,875,000 D) $1,845,000