Consolidation working paper, noncontrolling interest, one year after acquisition, U.S. GAAP Kroft Foods, a U.S. company, acquired a 90 percent interest in Codberry Inc. on January 1, 2016, for $38,000,000. The fair value of the noncontrolling interest in Codberry is $3,000,000. Codberry's acquisition-date assets and liabilities were reported at amounts approximating fair value, except its inventories (FIFO) were overvalued by $2,000,000, its property and equipment (20-year remaining life, straight-line) was overvalued by $10,000,000, and it had previously unreported identifiable intangibles (5-year remaining life, straight-line) with a fair value of $14,000,000. There is no goodwill impairment during 2016. Here are the December 31, 2016 trial balances of Kroft and Codberry: Dr (Cr) Kroft Codberry Current assets $9,950,000 $6,200,000 Property and equipment, net 110,000,000 65,000,000 Investment in Codberry 39,980,000 Liabilities (87,500,000) (46,200,000) Captial Stock (39,000,000 (2,000,000) Retained earning, January 1 (16,000,000) (20,500,000) Dividends 500,000 Sales revenue (50,000,000) (20,000,000) Equity in income of Codberry (2,430,000) Cost of goods sold 30,000,000 15,000,000 Operating Expenses 5,000,000 2,000,000 Working paper eliminating entry (N) is: Select one: Noncontrolling interest in net income 170,000 Dividends Noncontrolling interest in Codberry 50,000 120,000 Noncontrolling interest in net income 270,000 Dividends Noncontrolling interest in Codberry 50,000 220,000 Noncontrolling interest in net income 300,000 Dividends Noncontrolling interest in Codberry 50,000 250,000 me 170,000 170,000 Noncontrolling interest in net income 170,000 Noncontrolling interest in Codberry