Gargul Company, a 90% owned subsidiary of Posito Corporation, transfers inventory to Posito at a 25%...

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Gargul Company, a 90% owned subsidiary of Posito Corporation, transfers inventory to Posito at a 25% gross profit rate. The following data are available pertaining specifically to Posito's intra-entity purchases from Gargiulo Gargiulo was acquired on January 1, 2017. 2017 2018 2019 Purchases by Posito $8,000 $12,000 $15,000 Ending inventory on Posito's books 1.200 4,000 3,000 Assume the equity method is used. The following data are available pertaining to Gargiulo's income and dividends Gargiulo's net income Dividends paid by Gargiulo Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, compute the net income attributable to the noncontrolling interest of Gargiulo for 2017. $6.970 56.230 O $7,000 $6.270 O$7.030 2017 $ 70,000 10,000 2018 $85,000 10,000 2019 $94,000 15,000 Gargul Company, a 90% owned subsidiary of Posito Corporation, transfers inventory to Posito at a 25% gross profit rate. The following data are available pertaining specifically to Posito's intra-entity purchases from Gargiulo Gargiulo was acquired on January 1, 2017. 2017 2018 2019 Purchases by Posito $8,000 $12,000 $15,000 Ending inventory on Posito's books 1.200 4,000 3,000 Assume the equity method is used. The following data are available pertaining to Gargiulo's income and dividends Gargiulo's net income Dividends paid by Gargiulo Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, compute the net income attributable to the noncontrolling interest of Gargiulo for 2017. $6.970 56.230 O $7,000 $6.270 O$7.030 2017 $ 70,000 10,000 2018 $85,000 10,000 2019 $94,000 15,000

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Sure to calculate the net income attributable to the noncontrolling interest for Garciulo for 2017 we need to take into account the provided informati... View the full answer