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On January 1, 2019, Biscayne Corporation purchased 80% of Arches corporation for $1,000,000. On December 31, 2019, Biscayne reports revenues of $800,000 and expenses of
On January 1, 2019, Biscayne Corporation purchased 80% of Arches corporation for $1,000,000. On December 31, 2019, Biscayne reports revenues of $800,000 and expenses of $450,000, and Arches reports revenues of $600,000 and expenses of $400,000. The parent figures contain no income from the subsidiary. The annual excess fair-value amortization is $40,000. On the consolidated financial statements, what is the income attributable to the noncontrolling party?
200,000 | ||
160,000 | ||
40,000 | ||
32,000 | ||
0 |
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