ACCOUNTING OPAREE STUDENT NAME STUDENT Multiple Choice Questions Noteshowing your Eaplanatis t- Panini Corporation own B3% of the outstanding varig diek of Strathmore cwnpany and Malone Corporation owns the remaining 15% of Strwhmer, voting stock. On the consolidated financial statements of Panini Corponatiom and Strathmore, Malone is A) an ailiate B) a noneontrolling interest C) an equity investee D) a related party 2-On June 1, 2014, Puell Company acquired 100% of the stock of Sorrell Inc. On this date, IPuell had Retained Eanings of $100,000 and Sorrell had Retained Earmings of $50,000. On December 31, 2014, Puell had Retained Earnings of S120,000 and Sorrell had Retained Eamings of $60,000. The amount of Retained Earnings that appeared in the December 31, 2014 consolidated balance sheet was: A) $120,000. B) $130,000. C) $170,000. D) $180,000. 3 On consolidated working papers, a subsidiary's net income is A) deducted from beginning consolidated retained earnings. B) deducted from ending consolidated retained earnings. C) allocated between the noncontrolling interest share and the parent's share. D) only an entry in the parent company's general ledger