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On January 1, 2021, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. There is no active market for

On January 1, 2021, Pride, Inc. acquired 80% of the outstanding voting common stock of Strong Corp. for $364,000. There is no active market for Strongs stock. Of this payment, $28,000 was allocated to equipment (with a five-year life) that had been undervalued on Strong's books by $35,000. Any remaining excess was attributable to goodwill, which has not been impaired.

As of December 31, 2021, before preparing the consolidated worksheet, the financial statements appeared as follows:

Pride, Inc. Strong Corp.
Revenues $ 420,000 $ 280,000
Cost of goods sold (196,000 ) (112,000 )
Operating expenses (28,000 ) (14,000 )
Net income $ 196,000 $ 154,000
Retained earnings, 1/1/21 $ 420,000 $ 210,000
Net income (above) 196,000 154,000
Dividends paid 0 0
Retained earnings, 12/31/21 $ 616,000 $ 364,000
Cash and receivables $ 294,000 $ 126,000
Inventory 210,000 154,000
Investment in Strong Corp 364,000 0
Equipment (net) 616,000 420,000
Total assets $ 1,484,000 $ 700,000
Liabilities $ 588,000 $ 196,000
Common stock 280,000 140,000
Retained earnings, 12/31/21 (above) 616,000 364,000
Total liabilities and stockholders equity $ 1,484,000 $ 700,000

During 2021, Pride bought inventory for $112,000 and sold it to Strong for $140,000. Only half of the inventory purchase price had been remitted to Pride by Strong at year-end. As of December 31, 2021, 60% of these goods remained in the company's possession.

What is the consolidated total of noncontrolling interest at December 31, 2021?

Multiple Choice

  • $97,440.

  • $93,800.

  • $120,400.

  • $117,040.

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