Question
Parent Company Procter & Gamble owns 80% of Subsidiary Company Gillette. Gillette reports the following data for the year: Revenue: $500,000 Expenses: $300,000 Net Income:
Parent Company Procter & Gamble owns 80% of Subsidiary Company Gillette. Gillette reports the following data for the year:
Revenue: $500,000
Expenses: $300,000
Net Income: $200,000
Calculate the non-controlling interest's share of Gillette's net income and prepare the consolidation journal entries for P&G's books.
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
6th edition
0-07-786223-6, 101259095592, 13: 978-0-07-7, 13978125909559, 978-0077862237
