On 27 Only the balance sheet is consolidated on the date of a business combination of a parent company and subsidiary ad Select one: out of True O False question 28 A 70 percent owned subsidiary company declares and pays a cash dividend. What effect does the dividend have on the retained earnings and noncontrolling interest balances in the parent company's consolidated balance sheet ut of Select one: a. question 0 No effect on retained earnings and a decrease in noncontrolling interest. 0 b. Decreases in both retained earnings and noncontrolling interest. C. No effect on either retained earnings or noncontrolling interest. d. A decrease in retained earnings and no effect on noncontrolling interest O tion 29 et S Corporation, an 80%-owned subsidiary of P Corporation, sold inventory items to its parent at a $48,000 loss in 2014. P resold one third of this inventory to outside entities. S reported net income of $200,000 for 2014. Noncontrolling interest share of consolidated net income that will appear in the income statement for 2014 is ered ed out of Select one: ag question a. $36,800 b. $40,000 c. $43,200 d. $46,400