q1. S Co, an 80%-owned subsidiary of P Co,sold inventory items to its parent at a $48,000 profit in 2019. P resold two-third of this inventory to outside entities. S reported net income of $200,000 for 2014. Noncontrolling interest share of consolidated net income that will appear in the income statement for 2014 is

Select one:

a. $34,000

b. $33,600

c. $40,000

d. $36,800

q2. Equity investments at acquisitions require direct expenses of registering equity securities be charged to additional paid-in capital

Select one:

True

False