Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Angela, Incorporated, holds a 90% interest in Corby Company. During 2021, Corby sold inventory costing $97,600 to Angela for $122,000. Of this inventory, $47,400

image text in transcribed

Angela, Incorporated, holds a 90% interest in Corby Company. During 2021, Corby sold inventory costing $97,600 to Angela for $122,000. Of this inventory, $47,400 worth was not sold to outsiders until 2022. During 2022, Corby sold inventory costing $130,900 to Angela for $187,000. A total of $57,400 of this inventory was not sold to outsiders until 2023. In 2022, Angela reported separate net income of $153,000 while Corby's net income was $127,500 after excess amortizations. Required: What is the noncontrolling interest in the 2022 income of the subsidiary?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Information For Decisions

Authors: Robert w Ingram, Thomas L Albright

6th Edition

9780324313413, 324672705, 324313411, 978-0324672701

More Books

Students also viewed these Accounting questions

Question

Describe the BellMagendie Law and how it was discovered.

Answered: 1 week ago