1.Xing Corporation owns 80% of the voting common shares of Adams Corporation. Noncontrolling interests was assigned $24,000 of income in the 2009 consolidated income statement. What amount of net income did Adams Corporation report for the year?

A. $ 96,000
B. $ 30,000
C. $120,000
D. $150,000

2. If a parent company uses the equity method of accounting for a partially owned subsidiary and there are no intercompany profits (gains or losses) eliminated for the measurement of consolidated net income, consolidated retained earnings is equal to the balance of the parent company