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Calculating net income, noncontrolling interest share, and controlling interest share with unrealized profits The affiliation structure for Parang Corporation and Subsidiaries is as follows: Parang
Calculating net income, noncontrolling interest share, and controlling interest share with unrealized profits The affiliation structure for Parang Corporation and Subsidiaries is as follows: Parang 80% Sangkur 60% Keris The investments were acquired at fair value equal to book value in 2016. Parang's ending balance of inventories in 2016 includes unrealized profits of $15,000 from Sangkur. Keris's land account includes unrealized profits of $10,000 from Sangkur. Separate incomes (not including investment income) for all companies for 2016 are: Parang Sangkur Keris $400,000 separate net income $100,000 separate net income $200,000 separate net income REQUIRED: Determine the following: 1. Parang Corporation's income from Sangkur for 2016 2. Parang and Subsidiaries' noncontrolling interest share for 2016 3. Parang and Subsidiaries' controlling interest share for 2016
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