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P company acquired 70% of outstanding shares of S company on January 1st of this year. P company utilizes the equity method to account for
P company acquired 70% of outstanding shares of S company on January 1st of this year. P company utilizes the equity method to account for this investment. During this year, P company sold goods to S company for $510K. Those goods costs P company. At the end of the year, S company owned 20% of goods that were transferred. Additionally, at the end of the year, S company reported net income of $215K, and P company reported net income was $902K.
Assuming there are no excess depreciation/ amortization or other intra-entity asset transfers associated with the consolidation, what was the net income attributable to NCI?
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