Question
Provided are the consolidated trial balances of a parent and its less-than-wholly-owned subsidiary. Account Dr (Cr) Current assets $ 4,000 Property, net 95,000 Intangible assets,
Provided are the consolidated trial balances of a parent and its less-than-wholly-owned subsidiary.
Account | Dr (Cr) |
Current assets | $ 4,000 |
Property, net | 95,000 |
Intangible assets, net | 15,000 |
Goodwill | 100,000 |
Liabilities | (180,140) |
Capital stock | (10,000) |
Retained earnings, beginning | (16,000) |
Accumulated other comprehensive income, beginning | (500) |
Noncontrolling interest | (2,000) |
Dividends | 500 |
Sales revenue | (390,000) |
Cost of sales and operating expenses | 385,000 |
Other comprehensive income | (1,000) |
Noncontrolling interest in net income | 150 |
Noncontrolling interest in other comprehensive loss | (10) |
Total | $ 0 |
On the consolidated statement of income and comprehensive income, consolidated net income for the year is:
A. | $5,150 | |
B. | $4,850 | |
C. | $5,000 | |
D. | $6,000 |
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