g interests in the presence of subsidiary preferred stock Assume that a Parent owns 90% of a subsidiary that has 4% preferred stock outstanding with a reported par value of $875,000. Aside from the preferred dividends, no other dividends are paid (i.e., no dividends are paid to the common shareholders). The Parent Company owns 40 percent of the preferred stock. Assume that the Subsidiary reports net income of $245,000. During the year, the Parent company reported $350,000 of (pre-consolidation) income from its own operations (i.e., prior to any equity method adjustments by the Parent company). Compute the amount of consolidated net income attributable to the noncontrolling interest and the amount of net income attributable to the controlling interest. Attributable to the controlling interest14,000 x Attributable to the non-controlling interest 2,000 g interests in the presence of subsidiary preferred stock Assume that a Parent owns 90% of a subsidiary that has 4% preferred stock outstanding with a reported par value of $875,000. Aside from the preferred dividends, no other dividends are paid (i.e., no dividends are paid to the common shareholders). The Parent Company owns 40 percent of the preferred stock. Assume that the Subsidiary reports net income of $245,000. During the year, the Parent company reported $350,000 of (pre-consolidation) income from its own operations (i.e., prior to any equity method adjustments by the Parent company). Compute the amount of consolidated net income attributable to the noncontrolling interest and the amount of net income attributable to the controlling interest. Attributable to the controlling interest14,000 x Attributable to the non-controlling interest 2,000