number 6 only!

UULUUUU b. $35,000 c. $36.000 d. $40,000 LO 4-6 5. The noncontrolling interest represents an outside ownership in a subsidiary that is not attributable to the parent company. Where in the consolidated balance sheet is this outside ownership interest recognized? a. In the liability section b. In a mezzanine section between liabilities and owners' equity. c. In the owners' equity section. d. The noncontrolling interest is not recognized in the consolidated balance sheet. LO 4.4 6. On January 1, 2020, Chamberlain Corporation pays $388,000 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $15,000 results from the acquisition. On December 31, 2021, Neville reports revenues of $400,000 and expenses of $300,000 and Chamberlain reports revenues of $700,000 and expenses of $400,000. The parent figures contain no income from the subsidiary. What is consolidated net income attributable to Chamberlain Corporation? a. $385.000 b. $351,000 c. $366,000 d. $400,000 Problems 7 and 8 relate to the following: On January 1, 2019, Pride Corporation purchased 90 percent of the outstanding voting shares of Star, Inc., for $540,000 cash. The acquisition date fair value of the noncontrolling interest was $60,000. At January 1, 2019, Star's net assets had a total carrying amount of $420,000. Equipment (eight-year remaining life) was undervalued on Star's financial records by $80,000. Any remaining excess fair value over book value was attributed to a customer list developed by Star (four-year remaining life), but not recorded on its books. Star recorded net income of $70,000 in 2019 and $80,000 in 2020. Each year since the acquisition, Star has declared a $20,000 dividend. At January 1, 2021, Pride's retained carnings show a $250,000 balance. Page 194 Selected account balances for the two companies from their separate operations were as follows