A gain or loss on sales downstream from parent to subsidiary is initially included in parent income and must be 100% eliminated

Select one:

True

False

on 1/1/2019 X CO acquired 80% of Y common stock for $150,000 in the same day the y net assets was $140,000 ,in the same date the fair value of assets and liabilities were equal .year ended 31/12/2019 Y reported income $50,000,declared dividend $30,000,X using equity methods what is non controlling interest in net income balance on 31/12/2019

Select one:

a. 41,500

b. 4,000

c. 37,500

d. 10,000

A subsidiary's paid-in capital ledger accounts always are eliminated in the preparation of a consolidated balance sheet for the parent company and the subsidiary

Select one:

True

False