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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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