On January 1, Year 9, P Inc. purchased 60,000 of the common shares of S Corp. for $1,800,000. On the date of acquisition, S's shareholders' equity was as follows:

Preferred shares, 8%,non- cumulative, callable at $102, 1,000 shares outstanding$100,000

Common shares, no par value, 100,000 shares outstanding100

Retained earnings1,823,000

Total1,923,100

At the time of acquisition preferred shares had one year of dividends in arrears.

Any purchase price discrepancy is allocated to patent with an infinite life. During Year 9, S earned a net income of $500,000 and no dividends were paid out.

What is net income attributable to non-controlling interests on the consolidated income statement for the year ended December 31, Year 9?

1. $204,800
2. $196,800
3. $208,000
4. $200,000

On January 1, Year 9, P Inc. purchased 60,000 of the common shares of S Corp. for $1,800,000. On the date of acquisition, S's shareholders' equity was as follows:

Preferred shares, 8%, cumulative, callable at $102, 1,000 shares outstanding$100,000

Common shares, no par value, 100,000 shares outstanding100

Retained earnings1,823,000

Total1,923,100

At the time of acquisition preferred shares had one year of dividends in arrears.

Any purchase price discrepancy is allocated to patent with an infinite life. During Year 9, S earned a net income of $500,000 and no dividends were paid out.

What is net income attributable to non-controlling interests on the consolidated income statement for the year ended December 31, Year 9?

1. $204,800
2. $196,800
3. $208,000
4. $200,000

What isthe total non-controlling interests on the consolidated Statement of Financial Position as at January 1, Year 9?

$1,310,000

$1,300,000

$110,000

$1,202,000