Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Peabody Company owns 9 0 % of the outstanding capital stock of Sloane Company. During 2 0 1 4 and 2 0 1 5 Sloane

Peabody Company owns 90% of the outstanding capital stock of Sloane Company. During 2014 and 2015 Sloane Company sold
merchandise to Peabody Company at a markup of 25% of selling price. The selling price of the merchandise sold during the two years
was $41,600 and $26,400, respectively. At the end of each year, Peabody Company had in its inventory one-fourth of the goods
ourchased that year from Sloane Company. Sloane Company reported net income of $28,700 in 2014 and $36,380 in 2015.
Determine the amount of the noncontrolling interest in consolidated income to be reported for 2014 and 2015.(Round answers to 0
decimal places, e.g.5,125.)
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Elementary Statistics

Authors: Robert R. Johnson, Patricia J. Kuby

11th Edition

9780538733502

Students also viewed these Accounting questions