QUESTION 20 Canpony P purchased 40% stock in Company Son Jan 1, 20x1 for $200,000, 20X1 is also the first year of operations of Company S. The met ncome of Company S and the dividend paid by it in the year 20x1 is $80,000 and $100,000 respectively. Under the equity method. In the books of the dividend revenue account will be credited with 30 $32.000 $8,000 $40,000 QUESTION 30 on January 1, 20X3, Gregory Corporation acquired 90 percent of Nova Company's voting stock, at underlying book vakso. The fair values of Nova's stock was equal to its booke value Gregory uses the cost method in accounting for its ownership of Nova. The income statement on Gregory and Nova for the year 20X8 are given below: Nova Corp 120,000 Sales Revenue Dividend Revenue Total Revenue Less: Expenses Net Income Gregory Corp 200,000 +9,000 209,000 - 139,000 70,000 120,000 - 90,000 30,000 Nova paid a dividend of $10,000 for the year 20x8. Gregory decided to use the Equity Method, what amount should be reported as non-controlling interest in net income in the consolidat income statement? $27,000 $3,000 $9,000 $97.000