P Company acquired a 65% interest in S Company in 2009. For years ended December 31,...
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P Company acquired a 65% interest in S Company in 2009. For years ended December 31, 2011 and 2012, S reported net income of 325,000 and 390,000 respectively. During 2011, S sold merchandise to P for 70,000 at a cost of 54,000. Two fifths of the merchandise was later resold to outsiders for 38,000during 2012. In 2012, P sold merchandise to S for 98,000 at a profit of 24,000. One fourth of the merchandise was resold by S to outsiders for 30,000 during 2012. P Company acquired a 65% interest in S Company in 2009. For years ended December 31, 2011 and 2012, S reported net income of 325,000 and 390,000 respectively. During 2011, S sold merchandise to P for 70,000 at a cost of 54,000. Two fifths of the merchandise was later resold to outsiders for 38,000during 2012. In 2012, P sold merchandise to S for 98,000 at a profit of 24,000. One fourth of the merchandise was resold by S to outsiders for 30,000 during 2012.
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To calculate the net income attributable to NonControlling Interest NCI for the year 2012 well need ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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