ies Current Attempt in Progress Which of the following statements related to noncontrolling interest is incorrect? Noncontrolling interest in net income is reported as an expense on the income statement. O Consolidated net income is allocated to the parent and to the noncontrolling interest in proportion to their appropriate percentges of ownsership. Noncontrolling interest is sometimes called minority interest. O Noncontrolling interest is the portion of equity interest inst in a subsidary not attributable of the parent company